Financial education and why it should be a priority.

[Bloodseekers]

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.

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.

[1714916248]

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[pinggoki]

~

Lol, you're correct.

Most students don't care with financial education until they're work for live, they will realize if money management, tax avoidance, and investment are important.

But I know the reason why financial education not taught in school because school is created to make people become employees, that's why you need to obey every rules and kiss your teacher/boss's ass.

If financial education taught in school, many people will realize to not hold fiat, it will make banks bankrupt and the economy would fail.

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.

[Egii Nna]

I still don't know why it's not been taught in schools up till now.

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.

[MarjorieZimmermanGinger]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The  rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

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.

[EarnOnVictor]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The  rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

Let me assume that school curriculums are different per country, and in the old days, they do not have much reason to do that since each student had their unique career to face. But things are not the same these days due to the situation we find ourselves in now. In my country, the inflation and the increased level of poverty are forcing the government to do what was not done during our time, now, you will see students learning extracurricular means of making money right from their secondary schools, which makes it even more pathetic as the mismanagement of countries policies and resources has caused desperation, and desperation is now making student be more burdened by what should have not been their goal at that stage, but of their parent's goal.

The way it should have been is at least the theoretical part which some students in the line of accounting/commerce/economics could still get a hint of. It was like that before, but now, they even have to start practicalizing it to make sure that they can at least not solely rely on what they learn in school but be able to stand on their own in case their certificate fails them as it has failed many in the country. But I am afraid, with time too, when young people are being exposed to this at the early stage, many of them might drop out, after all, the school itself is not so encouraging in my country again, and since they are already making money, what's up?. But what if a certificate opportunity opened in the future maybe through an old friend or relative, they will be hurt the most. But it is a win-win for the students who can cope and endure the two as no one knows the one that will eventually make them rich in life.

[Jawhead999]

I think we all have been taught financial literacy when we were young.

Save money in banks, invest in stock or gold, fiat lose it's value due to inflation, assets that depreciated overtime etc. But the reality, not many people want to save their money, not many people able to hold their investment so long, many people obsessed with depreciated assets e.g. car, branded cloth, etc.

It means, they aware with that, but choose to not doing it.

[harapan]

Honestly,it is true that financial education should be introduced in academical sector as it helps to prepare you early to take charge of your finances.It's Not everybody that is opportuned to be taught on how to be in charge of their finances,secondly,its not everything that is been taught or learnt,that is put into practice.Most times people learn and unlearn from their mistakes in life,I'm not saying everyone should have to undergo financial struggle before they make any  adjustments concerning thier finance.
   In other words,don't you think the government is supposed to be working towards the good of the society.Governments, educational institutions, and financial institutions are to  play a vital role in promoting financial literacy but it seems to play the reserve...on the other hand,the government will be scared to see that people will find out they we are been intimidated by the fait banking system...things like

How to do taxes
How to read contracts
How to look at a financial sheet and understand it
How to save and send money reliably and save up for the future
What plans you can do for retirement
How to look at and analyse what is happening on the stock market and many more on how to control financial hazards.

[reagansimms]

Managing finances is very easy to plan but very easy to realize. Even though you receive a regular salary every month, at certain times it is still difficult to make the money you have grow, especially if your monthly income remains standard but your monthly expenses continue to increase. One effective way to manage finances is to make targets for the future. When you have set targets for the future, it means you are ready to start and carry them out. Don't let your targets just be mere discourse, your inner demand to always save regularly can make it easier for you to make plans so that these targets can be achieved.

In fact, financial education is taught in elementary schools, but the explanation is not as extensive as in universities. We often hear school teachers saying the words "If you want to be rich, you must save money. If you plan wastefully you will only increase your debt.", in fact these words contain great meaning in educating us to apply better money management skills.

[Ravichnadra]

Financial education is paramount for personal empowerment and societal progress. It equips individuals with essential skills for navigating the complex world of money, fostering financial independence. Unlike many traditional subjects, financial literacy directly impacts daily life by enabling smart decision-making, improving living standards, and instilling invaluable money management skills. A financially literate individual learns the art of living within means, avoiding the pitfalls of excessive spending. Despite its profound impact, it's perplexing why financial education remains neglected in school curricula. As Robert Kiyosaki's "Rich Dad Poor Dad" elucidates, this knowledge is a cornerstone for stability and prosperity. It's time for a paradigm shift, recognizing the crucial role financial education plays in shaping responsible, savvy, and economically empowered individuals.

[Dzwaafu11]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.

Financial education is very important; it will guide an individual from his or her early stage of life to old age. However, financial skills have been taught in school. In my opinion, maybe you have not been taught about them in your end, but here in my country, they taught us what financial skills are, and we will make decisions anytime we want to sell or purchase something. We don’t generally call it financial skills, though it has another name, which is economics. It comprises many things. And again, not only in secondary schools, they teach financial education; even in high institutions, there are some institutions that even have it as a course. People usually come and study how they will go with their finances.

Managing finances is very easy to plan but very easy to realize. Even though you receive a regular salary every month, at certain times it is still difficult to make the money you have grow, especially if your monthly income remains standard but your monthly expenses continue to increase.

Yeah. This affects financial plans. It is not easy for people who earn a monthly salary and the salary is not much to cover things and plan another thing outside the salary for the future, although the more you get, the more problems come, and these problems are solved by money, so you can see that people earning a salary will have some difficulty when it comes to planning. Although, as you stated earlier, it can be easy to plan on how to go with your finances, the problem is to implement the plan. You know, someone cannot be hungry and think of saving money, so I think that is the problem we have when planning. And normally, expenses will continue to increase because things are getting bigger.

[Natsuu]

I agree. Financial education is an important skill that helps individuals to make informed and sustainable financial decisions. It's unfortunate that it's not widely in schools, considering its impact on personal and economic well-being. "Rich Dad Poor Dad" by Robert Kiyosaki is a great resource for understanding the principles of financial literacy and independence.

[Jatiluhung]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The  rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

I am even more surprised why parents don't teach financial education at home better. Because if you read Robert Kiyosaki's book, especially the one entitled "Increase your financial IQ" you can find that the solution to the problem is to make parents more active in providing financial education to their children. Because not much is taught at school except in special classes such as at universities majoring in economics.

In fact, investment is not discussed in much detail at school. So this task must be taken on by parents who are actually the most responsible for their children's education.

[dothebeats]

It's worrying that our education system focuses highly on theoreticals rather than practical things for the youth who are next in line to lead the world. It's good that the youth knows a lot about scenarios that could happen possibly that we haven't encountered yet, but the fact that a lot of them doesn't know how to do their taxes nor invest in something is just crazy. I think our educational system is created to manufacture consumers rather than leaders or producers for the next generation. The youth is molded to consume whatever BS the world throws at them, and they wouldn't mind because they don't know that they're being used at all!

[TheUltraElite]

Cybersecurity and Financial education are among the few things that need to be integrated into the curriculum of school education in every country. I learnt most of this from my parents at much young age and hence I can file my taxes myself and know what assets to invest in but not everyone has that luxury and hence self-educating these things can be challenging.

For now we should focus on teaching the next generation ourselves because I dont think governments will take note of these threads anytime soon. Because if that was the case then the world would have already become much better.
Sex education is another thing I would love to see, but that is another topic altogether.

[puloweh555]

I think we all have been taught financial literacy when we were young.

Save money in banks, invest in stock or gold, fiat lose it's value due to inflation, assets that depreciated overtime etc. But the reality, not many people want to save their money, not many people able to hold their investment so long, many people obsessed with depreciated assets e.g. car, branded cloth, etc.

It means, they aware with that, but choose to not doing it.

Agree with you. We actually get financial literacy from school and we realize that all of it is important but very difficult to put into practice. Sometimes it takes mental maturity to manage finances, knowledge and practice are definitely different. The average age is -30 years, even though the salary is large, it is difficult to have savings or investment assets, they will choose to buy luxury goods and even be consumptive in nature. But later when you are 30+, maturity will appear by itself. Then the economic order will be more orderly and investment will increase quickly even though your income is still the same.

In the end it all comes back to their own mindset and life goals, if their mindset is right from the start then they realize that they will not waste the opportunity to invest even in the long term so they will not be tempted and will not be obsessed with branded goods and luxury car.

[kryptqnick]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The  rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

I had Economics at school, but it wasn't very practical. We just needed to create our own business plans, account for various spendings, project some revenue, etc. While it's not that bad, I think basic understanding of daily, monthly, annual financial management based on the main expenses and sources of income would be more useful because not everyone will write a business plan, but the majority will need to manage their individual income. In my country, high school students actually do have a subject called 'financial literacy', but it seems that what they're actually doing is still that same thing with business plans that I did when I was in high school.

[RockBell]

I think we all have been taught financial literacy when we were young.

Save money in banks, invest in stock or gold, fiat lose it's value due to inflation, assets that depreciated overtime etc. But the reality, not many people want to save their money, not many people able to hold their investment so long, many people obsessed with depreciated assets e.g. car, branded cloth, etc.

It means, they aware with that, but choose to not doing it.

I believe this is a follow-up product as no one can provide genuine financial guidance. As you mature, you may encounter difficulties that require intelligence to overcome. Failure to learn at a young age might lead to financial instability and a lack of seriousness. I will invest in stocks because your money will grow when your business succeeds, rather than simply keeping it and saving it, invest it in something that will yield a consistent profit.

If money is not invested, inflation has a tendency to erode it. And that is why I am constantly against people who keep their money inactive in the name of saving. Use the money to invest in something, even if it's a small restaurant that accepts bitcoin as a payment mechanism and another means to save your bitcoin. In today's environment, all you need to know is how to capitalize on money-making possibilities. And once you can think beyond the box, it will be as simple as anything to achieve financial freedom.

[Lorence.xD]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The  rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

It is still depends on the persons personality and traits despite having knowledge to financial education. I think school only teach students the knowledge that can be used in the future that can contributes into the country like Law, Doctors, etc. it is like personal learning when it comes to financial education but some schools are open to this topic that tackles about finance. They doesn't consider it as profession hence they don't give attention to it. You would really need to attend some seminars or learn it online

[red4slash]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.

There should be a situation where children are taught about this from an early age because after all this is the initial provision that must be owned but until now there are still many schools including those in developing and underdeveloped countries that still ignore this.
In the country i live in now the curriculum for learning is still the same as before so in terms of the lessons taught to children it remains the same where there are still many lessons that are actually only based on theoretical to enrich the knowledge of the competency field but there is never any further knowledge about learning that money and finance are ultimately an important factor.

Maybe the goal is actually just not wanting to burden children so that they don't focus too much on money and only focus on learning but in the end I think if children are too spoiled with the situation at school without knowing the cruelty of life after they leave school it will actually be more torturous and we have already felt as adults how good school life is without having to think about money and life needs but when we are out of school and we get older we realise that the lessons given at school are only a fraction of a percent of what we experience in real life.

[ichsan ardi]

Financial education is a skill that is not been taught in schools, but to me it's the most important subject a man must learn in other to be financially independent.
This knowledge gives you smart money making decisions, and it improves your standards of living, It gives you priceless money management skill, you can't spend more than what you earn as a financial literate.
I still don't know why it's not been taught in schools up till now.
The  rich dad poor dad by Robert kiyosaki explain all what it entails and the stability it gives financially.

I agree with your statement that managing your own money is the most important part of life. It's useless. We have a lot of money but we are not good at managing money and the money will run out. It should be when we are still at an early age at school, we have learned this so that we are not surprised. when mature