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Should Money Management be taught in School?

We always think of multiplying our money as it plays a significant role in life. We all work hard to earn money. But most of the times we goof up and keep on thinking-where the heck has our money gone?

The only thing which comes to our rescue is following ‘proper money management techniques.But it takes some time on our part to adhere to a particular money management routine. Therefore a need arises to inculcate the habit of money management, right from the beginning. The best source of imparting money management comes to mind is ‘school days’. Understanding the financial need, money management should be taught as a separate subject right from the first class.

Some important points while teaching money management in schools:

  • In the beginning, the basics of money management should be taught. Teachers should accentuate on the fact that most of the things have a price tag attached to it. The kids should be taught not to damage the things such as books, desks, walls etc. Not only in school but everywhere as we live in a society and it’s our duty to protect it. Making this a habit, the kids will save more money in the long run.
  • As the kids grow older, their need increases. For this they get pocket money from their parents. The teachers should make them understand how to use pocket money more wisely. The kids should also be encouraged to save some amount of money. Teachers should make the kids realize that ‘how hard the parents work to earn money?’ This will help the kids to know the value of money and the hardships to earn money.
  • Another important factor which the teachers should keep in mind is ‘peer pressure.’ Quite often the kids’ complaint their parents about their limited pocket money as compared to their friends at school. For example “ Dad, nick was showing me his brand new bike, What about me?” Since these things mostly arise in school, therefore it becomes the responsibility of  teachers to make the kids understand this particular situation. Every family is different in their living style, financial background, etc. The children should be encouraged to have a positive attitude while dealing to such issues. As a result the kids will not indulge themselves in spendthrift habits.
  • In the higher grades the children should be taught money management concepts that will help them in dealing with situations such as recession, inflation, job retrenchment etc.

Teaching money management as a separate subject will help the kids to live a smooth financial life. In the future the kids will respect the money more, live a debt free life, can enjoy every thing without sacrificing on their basic needs, can save more even from a limited income for the rainy days and live to the fullest without any financial worries. Irrespective of the future financial situation, the kids will not have to worry about managing their finances.

We all know that money plays a crucial role in today’s world and ‘money management’ will help us to keep all financial worries at bay. Making money management a habit right from the beginning, it becomes essential on our part to decide “Whether Money Management should be taught in school or not?”


 
 
 

3 Responses to “Should Money Management be taught in School?”

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