Financial education a must for new-gen students

At the heart of education lies the goal of preparing students for the challenges of the real world.

As such, schools must evolve from the traditional approach of imparting academic knowledge to providing experiential learning opportunities that develop life skills.

The best way to do so is by investing in a comprehensive financial literacy syllabus and out-of-the-box programmes. I’ve done that in my international school and it has helped our students become well-rounded individuals.

Financial literacy is an essential skill that everyone should possess.

It is important to empower students with the tools they need to manage their finances responsibly, and more schools should consider creating programmes to help their students in financial matters.

There are those who are unable to manage their finances when they enter adulthood. Sadly, they become bankrupt very early in their working lives.

Statistics from the Insolvency Department show that 20 per cent of 47,929 individuals declared bankrupt from 2018 to 2020 were under the age of 34.

The financial literacy programme in my school, for example, covers topics such as opening a savings account, budgeting, investing, and debt management. As the students get older, they learn about investment and the property market.

The programme is not just limited to theory. It also includes hands-on activities that challenge students to apply what they have learnt in practical situations.

Some parents of our students had joked that they cannot take their children shopping with them as they would insist on choosing a cheaper option instead of looking at a brand.

I am confident that if more schools provided financial training, we can reduce the number of bankruptcy cases in the country.

The other aspect of our syllabus is our extracurricular activities that focus on the arts and programmes to help students learn the importance of teamwork and team building.

People skills are important, be it in school or the workplace. That is something we help our scholars understand. We do that by the way we act, talk, and teach.

To prepare a student for their next phase in life, we must be an example for them to emulate.

This is the personal opinion of the writer and does not necessarily represent the views of Twentytwo13.

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