The continued social, economic and political change over the past five years means that the need for financial capacity among young people is even more urgent. In many western counties, the issues surrounding rising levels of personal debt, collapsing markets and their impact on pensions mean that there is a greater need for individuals to take a more active and informed interest in their financial future.
This article discusses various initiatives to teach children about money around the world.
in South AfricaTeach Kids to Save (TCTS) is a one-day initiative that aims to highlight the importance of educating young people in the country about saving money. Project objectives include:
Raise awareness of the benefits of saving and financial planning and promote a culture of saving. Demonstrate the important role that the financial services sector can play in creating a financially literate nation. To initiate a national program that encourages collaborative efforts at the industry level to increase financial literacy.
Teach children to save South Africa (TCTS SA) was launched during July Savings Month on July 25, 2008. On this day, volunteer bankers and financial professionals became educators for a day and gave an hour-long savings lesson to learners in grades four through seven. This pilot initiative laid the groundwork for an annual event highlighting the important role financial service providers can play in educating the nation’s youth about saving. While modeled after the US program, TCTS SA is customized to align with South African culture and financial education needs, curricula and especially Economic Management Sciences.
Scotland Part of the UK was the first to publish guidance for schools in this area, in 1999, Learning and Teaching in Scotland, publishing Financial Education in Scottish Schools – Position Statement. This document describes money management as “one of the most important and challenging features of everyday life” while specifying a minimum entitlement in the curriculum. Their goals are for young people to understand the main financial and economic ideas; be skilled in managing their financial affairs; Realizing the importance of using financial resources responsibly and being able to work in a confident and bold manner.
The Scottish program is as part of the Curriculum for Excellence 3-18 bound by the expectation that every teacher will be a teacher of Numeracy, Literacy and Health and Wellbeing. A thematic/thematic framework has been proposed which schools may adapt to their own needs. The four main components of financial education in Scotland include: financial understanding, financial competence, financial responsibility and financial enterprise
that Australian The report, Financial Literacy – Australians Understand Money, found that young people are particularly interested in learning more about issues such as budgeting, saving, managing debt and avoiding financial scams.
Australian schools have introduced a nationally agreed framework that provides an integrated, multi-curricular approach for all students from Kindergarten to Year 10.
Consumer and financial literacy will be integrated into programs across English, Mathematics, Science and Humanities – (Business, Trade, Economics, Technology and Enterprise) Civics, Citizenship and ICT. This will allow all Australian students in their compulsory years of education to develop knowledge, understanding, skills and values in consumer and financial literacy.
An example of Chinese Financial Education Approach is a theater program for children between the ages of 8 and 12 in the cities of Beijing, Shanghai, Guangzhou and Shenzhen.
The program is based on the comic book “Agent Penny and Will Power in Operation Finance”. The scenes are based on everyday life stories and introduce students to commonly used financial tools and concepts, including budgeting and compound interest, as well as forming healthy financial habits.
According to program schedules, Cheeky Monkey Theatre, which presents itself as the world’s first ‘Chinglish’ theater company, will visit 40 to 50 schools in Beijing, Shanghai, Guangzhou and Shenzhen in the next 10 months, and this play is expected to be seen by about 20,000 children.
In short, financial literacy is seen in many countries as an essential life skill. The financial world is characterized by a wide range of choices and is often very complex, and we as consumers all need to take advantage of this dynamic environment. Young adults are being targeted as consumers at an increasingly young age and may face complex financial choices. Since they are 18 years old, they are likely to get credit and loans in a way that was unheard of 20 years ago. Equipping young people with good financial literacy skills helps them form responsible attitudes and good habits from an early age. They help foster an attitude towards money management that can enhance their financial security and lifestyle in the long run.