Financial Education Should Be Introduced As Compulsory Subject

922 words - 4 pages

Financial education should be introduced as compulsory subject

i. INTRODUCTION
It is an obvious fact that financial aspect is an important part of the daily life, as an adult and even as a young individual. Every one of us has to make financial decision to spend money for vital needs such as food, clothes, home and more. The question is whether to start with financial education as part of school program or to postpone it for a later stage in life. For me, I support this idea that financial education for teenagers is necessary. In many countries the discussion about financial education are getting more serious due to financial problems of young generation. Some people believed that ...view middle of the document...

ii. Body
A. Firstly, factor that makes financial education should be introduced as compulsory subject is children acquire an understanding of economic and financial concepts with age such as banks and saving.
1. Children make great strides in economic understanding between the ages of 6 and 12, such that children’s understanding is “essentially adult” around age 12 (Webley, 2005).

a. By age 9, children may understand that they can save with a bank to protect their money (Webley, 2005).
b. A similar development in understanding has been observed for concepts such as understanding money, prices, and supply and demand (Webley, 2005).

2. The progress children may be attributable to age-related cognitive development, such as acquiring the ability to understand multiple causation or arithmetic (Webley, 2005).

a. Children’s economic independence increases greatly from the time that they are very young until they reach age 12 and beyond, and cross-cultural studies have shown differences in understanding rooted in experience
b. Research on economics education (and some research on financial education, discussed below) demonstrates that it is possible to teach children economic or financial concepts (Webley, 2005).
B. Financial education may be a tool to improve low levels of youth financial literacy

1. A school setting allows for financial education to be integrated into other topics, such as math (Beverly & Burkhalter, 2005).

a. There are family-based and out-of-school financial education programs (such as through 4-H or Girl Scouts), but most youth financial education occurs in schools (McCormick, 2009).
b. In-school financial education makes reaching all children easier and allows for drawing on experienced teachers.

2. Financial education could teach them wise spending

a. In school, they would learn about how to...

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