Topic: Financial education and why it should be a priority. - page 9. (Read 1682 times)

Financial education is not directly taught in schools, but in general we are familiar with financial terms in several subjects at high school level and above. Finances are considered important in the wheel of life because if someone has a good source of income it will make it easier for them to develop themselves. Without good financial preparation, we will lose the opportunity to become someone who is able to handle life normally like everyone else.

Knowledge about managing finances is quite important and how to place money in a much more productive place, even though this is not specifically taught in school, every human being needs to learn this important lesson. School is just a place to learn and someone must have the skills to develop and never think about being satisfied with just what I have achieved, but rather how I can increase it slowly and consistently.

Financial education is taught in secondary schools and colleges in my country (Nigeria). But I can’t say in other countries; in my country, the subject is not called financial education. It has been called "Economics," which is a broad subject of courses that explains and teaches about budgeting, sources of income, ways and methods of creating businesses, and how to sustain a good life and be financially disciplined. So I will say the subject is being taught is just that many people view the subject as one that emphasises more on spending lower than your income, but people view it as the subject they teach people how to be stingy in life, which is not so because if you engage in spending higher than your income, you will end up being bankrupt and no one will help you, but if you are focused and understand what it is all about, you will be successful in life.

Although. we know that not everyone is destined to be rich, But applying economic mechanisms will go a long way in helping you plan your life, even if you are still not rich. For instance, you will never see a really rich man struggling to stay on his feet with luxurious dresses, houses, or even cars. They usually engage in spending less than their income and investing the remaining money to gain profit. That is why you see the poor getting poorer and the rich getting richer.

I'm the same as OP back then that we should've taught children how to do this kind of stuff but then I missed out on the important reality of the situation, that students won't be as enthusiastic as we think they would be when it comes to this kind of thing because if you actually read some of the stuff yourself, it's really boring. Totally agree with you that school system is made to create employees, that's why in that kind of system it's the responsibility of the parent to teach their kid about this kind of stuff so they're not getting behind and they're smart about it.

Having good financial knowledge does not necessarily mean they can manage their finances correctly, because in my opinion, in terms of financial management, it really depends on each individual, if they can manage it well, of course they will have discipline in living their lives and also their can easily manage the income they have well, because if they do not have discipline in their lives it will certainly be very difficult to manage the income they have well.

It is true that if we have financial problems, of course we will try to improve our financial management procedures, but it would be better if we discipline ourselves so that we can manage our expenses so that we don't use the money we have on things we don't really need.

Being well educated about your finances does not make an assurance that you will also be successful in managing your own finances. Theories vs application might be quite a lot different. So even if financial education will be given highest priority in schools or in any learning establishments, there are no guarantees that people won’t never suffer financial problems anymore.

For me, having financial problems are indeed a good motivation for every person to instill discipline and control when it comes to his financial usage. If he won’t suffer from financial problems, then he won’t know that what he’s doing is wrong, and he won’t be able to correct his mistakes if he never commits losses and failures in his real life application.

So far, it has been said that education in school is not very important and that it is possible to use it as a basis for learning because, so far, managing your finances well and correctly depends on the situation and conditions when you are living them yourself. Managing your finances so that your expenses and income appear to be higher It's good to minimize expenses by buying only what you really need. If the person doing this is a man, then it will be easy to do, but if the person doing this is a woman, then it will be very difficult to do because, basically, women need something interesting to wear. Wear it to look beautiful all the time. Therefore, success will be achieved when the person has succeeded in managing their finances well.

Why will reach people teach you how to become rich and powerful? I mean, there is a huge demand on physical labor, rich people need poor people who will work overtimes on a very low salary and make them even richer. How are you going to exploit financially and generally well-educated people? There is no way, right? That's why the level of education is low for average citizens all over the world while those rich people pay a fortune to study on top level universities.

Don't take that book seriously. There are some good things that Kiyosaki says in that book but mostly this book is not to educate you but to make Kiyosaki rich himself. Rich people don't write books to make you richer, they write books and create hype to generate as much as possible via every possible way.

Sometimes when I flashes to this video it makes feels as if people wasted their time going to school but it is not, what just happened is that we need to be smart enough to tell ourselves what we can't learn from school that was why today many teachers are still poor in my country because they aren't practicing financial education but rather solely depending on principle of money. You can know all principles of money but without a financial education one could still waste all the principle he knows.
I must confess that in my country not what I studied in school that is putting food on my table it's my skills and not my discipline in school and as a profession that is why we need a financial education. I think if I am not mistaken I have created a topic like this back then.

However, even if schools teach the appropriate courses that would create higher financial stability, it's undeniable that majority still fail in their real life financial management. Not because they don't actually understand what it takes to be financially stable, but most likely people resort having unrealistic budget plan and unrealistic financial goals, the reason why no matter how well they're taught in schools, success will never be achieved by them.

For sure it is being taught in schools especially with courses related to marketing and business. Indeed it could be learned by oneself however a more systemic and a more standardized way of learning it would be through education. Safe to say that it is necessary to everyone's lives simply because money is the main medium of payments since the era of cross-country trading. Knowledge on handling finances well, would help you while you're physically alive and is a guide for a better life; imagine just spending amounts under your salary. A job is indeed needed on as we live in this world. Money alone and privilege won't be enough to sustain you as an individual 'coz a professional guide will be more advised.
Well, age would really e a factor; if you are too young then you'll just be wasting your time 'coz we do all have our own phases of growth and skills. A good life foundation should be aided by you as the one who gets the situation easily. If you could engage to both business and work, such knowledge wouldn't be accepted by many people around you.

Well, i could somewhat agree into this kind of sentiment on having that kind of isolation or being kept not to be told on schools so that people would really be get blinded and would really be ended up on being a worker forever.
We do know that that on this world there would really be those elites who are really that sitting on the top on which they would really be doing their very best on having that top spot and even if it means that not really exposing everything to those people who are at the bottom specially on financial education or something. Its true that to those who are really that mindful about improvement and overall upgrades into their lives
then it would be that normally they would be thinking out of the box without limiting themselves when it comes to opportunity grabbing.

This is why if you are that someone who do have plans on making your lives way more better than before, then it would really be just that wise that you should really be wary at least onto these particular things.
You cant really that make yourself that be something like this forever specially on being having that standard way of living on which being a worker for the rest of your life.
So it would be wise on thinking up something big and better.

There are things that are not taught in school because you can learn them in life. While I believe that financial literacy is important for everyone, teaching it to younger people is inappropriate, that's why have a decision to make in college. Oversimplification of things especially in money being taught to, let's say teens who generally don't make money is useless, perhaps would make them psychological unrealistic on how the world works. Learning is a process, you don't take a physics class only in day one, and learning things comes with experience.

Maybe because the traditional curriculum prioritizes and focuses on core subjects, besides that I think there are some different opinions about this and I think financial education should not be taught in schools because it will interfere with concentration in learning, I noticed that if someone has studied financial education it will tend to push them towards how to become a millionaire and compete to build a profitable business.
But on the other hand I see many people who fail in building a business because of inadequate knowledge, because to achieve success in finance requires extra strength and is ready for the ups and downs of a business undertaken.
In essence, everything needs a process and time to achieve it, so enjoy your youth, don't burden yourself with your ego. There will also be a time when you will find financial freedom.

I think financial education can empower individuals to manage their finances wisely, including in investments as you said. But I'm still skeptical about that because of the risks associated with trading and not everyone is suited/able to be a good trader. And I remember that investing in stocks/forex they have to master the technique of mastering themselves, because I often hear that most traders fail because they are greedy or greedy in maintaining consistent profits or losses so that they become lust which will harm them. So I think walk like water and follow the flow.

It might be called financial education but many subjects at most levels of education teach students how to make and spend money wisely. Subjects like business studies, economics and other has topics of managing finance effectively and efficiently. I also think that the home is the best place to teach financial education. The parents have the responsibility of guiding the children on how to become financially stable through savings and investment. Parents should not just teach these skills but they have to demonstrate it in the family. Children should be well aware of how parents earn a living and also how they effectively utilise it.

Children should also be introduced to the family business if they have any so that they will develop financial management skills from a young age. Parents should not also teach children how to take loans and spend them lavishly on things that are not needed. We all know that school is an important agent of socialization but the home is more important. This might be why Robert's book is Rich Dad Poor Dad and not Rich Teacher Poor Teacher.     

It’s true but there is also one more thing:- life! It can be very hard at times and even if someone is literate with their financials then also they end up in a non ending circle of debts. This has happened many times with big peeps too.

Instead, it has to be way of life that matters a lot. Managing funds usually come from experiences. It shall be taught in the schools, yes but the real game starts when same student is put-forth in real life. Its like crazy out there and you know it if you are an adult. Unwanted expenses can hit us very hard. How do you tackle it is another story to follow. 

This can be blamed to the proletariat mindset that authorities enforce to us citizens

According to Karl Marx, there are two types of people: the proletariats or the working class and the capitalists or those who produce and there is a theory that authorities or those in power like the government or sometimes the church naturally push citizens to be a part of the working class

In schools, students are taught to practice a profession and be employed somewhere but never taught how to build their own empire

It is in Karl Marx’s belief that proletariats can be above the capitalists if proletariats were to unite but because of the government, schools, and the church we were instead forced to believe that life can only be spent successfully as a working class

The government definitely gets fascinated in controling people more than how a teenager feels of sexual intercourse. The rules controlling the society was made to favor the government. Instituting those courses in school will help students learn a few valuable themes that can be implemented to money issues. Adults find it strenuous to check and balance their income. Keeping records of our expenses become more difficult than generating the money. Quite a simple task. Teaching kids or teenagers the need to manage and sustain wealth is a good means of changing the society. The government can change the society for good. Not sure they wanted a changed society. Their primary aim is getting hold of more people under their control as possible.

I think people should be thought on how to make money like learn new skills to be independent, teaching young children creative ideas about craft, computer science etc will be more better, if you're referring to secondary schools then skill acquisition will be best for them and talking about financial management, it's best introducing such to little children but I see no use cause at that stage they lack the experience of holding money and if such kids don't own money what's the point teaching them about financial management, let them learn how to make money using different method first before introducing financial management, for example my state government introduced a programme for secondary school students to learn different kinds of skills like baking, sewing etc. Financial education should be necessary for everyone regardless the economy situation and even if people fail to learn on their own they'll still experience insufficient funds and at this state when money is not enough you will have to work hard again and continually the person will grow and spend wisely, some people need to learn about financial management with their experience.

I agree, most people won't be saving their money in the banks because that's just going to decrease its value because of the inflation. Here in my country, people think that the more money you have in the bank, the wealthier you are. But I think that I am starting to see that belief changes over time and that is when a person has more assets, everyone is accepting the fact that he's wealthier than someone who has a lot of numbers in the bank. But with the education that we're having, it is being taught that we should keep most of our money in the banks to help the economy and for you to have more savings.