Should We Teach Students How to Manage Money?
Money is a huge part of our lives. And whether we like it or not, both the young and old need to learn how to manage. So why not teach it to our students?
Unfortunately, these fake money gurus know who they are targeting when they are promoting their courses. As we get older, we know it is all a scam, and you can not become a millionaire overnight unless you win the lottery.
However, for young students, it is hard to see through the lies. As I highlighted in my article below, children have money problems too. They are just not seen as significant as adults ones.
The first time I ever learned about money management was when I was 16 years old. My economics teacher had digressed and he started talking about saving accounts and investments.
He opened my eyes to a new world. He was talking about how people can make good returns on their money and budgeting. I had never heard any of this before and felt privileged I had picked economics as a subject.
Unfortunately, many students do not learn to manage money until they are in immense debt or have an experience like mine. Parents do not tend to speak about their money problems with their children, and it is not in the curriculum for the school.
Handling money is a life skill, and I think it is vital students learn about it. We teach things like sex education and mental health, so why not money management? I would argue it is just as important as those things.
After all, money becomes a big part of our lives, and we spend a lot of our lives thinking about it. So here are two reasons I believe we should teach students about money management.
1. To Understand the Value of What It Means to Be Useful
As children, even as young adults, we see money as a way to get things. Although money can get you stuff, its purpose and meaning go beyond that scope.
People are bad at managing money because they miss its point. We can excuse children and students for having a bad view of it, but we as adults have it too. We still believe that the sole purpose of money is to get ourselves stuff. However, the wealthy hold a deeper understanding of money, and that is why they know how to manage it.
Money is a transfer of wealth. And if students understood that money comes as a result of being useful in society, the way they manage it will change. As society is becoming wealthier, it is easier to see money as something we use for ourselves.
Yet, teaching children that money serves as the middle ground for generating more wealth in society, the outlook changes. Money no longer becomes the end goal but becoming a useful citizen who can solve problems does.
By using money, we can install higher values into our students whilst they are in pursuit of it. They will be less likely to make rash decisions to get it and will more than likely live wealthier and happier lives because of it. And this leads me to point number 2.
2. It Will Increase Their Chances of Wealth
We can all agree that money does not buy intrinsic goods like happiness and friendship. But, money can make life a whole lot easier and allow us to live our lives more freely.
I am sure there is nothing more a teacher wants than to see their students excel in life. And whether we like it or not, money will be a huge factor in that.
Just the other day, I made an economic decision that my friends would not have been able to because they do not understand inflation or interest. Although some of them are earning more money than me, my understanding of money has given me an edge.
Even as I am trying to start a business, many things I have learned in economics have better prepared me. I am not saying that I will succeed, but I will say I have an advantage.
Knowing how to create a budget, invest and grow your wealth are skills we all need in life. Even understanding how to get the knowledge and who to trust will give students better direction than nothing at all.
Leaving students with no information on money makes it hard for young individuals. They are left to try to navigate this vital part of their life all on their own. So, by teaching them even a few things, we give them a better chance for wealth in the future.
As younger children get more money conscious, education as a duty to teach good principles to guide them. Money is part of our lives, and children are becoming more aware of it thanks to social media.
It will not be long until we see children devaluing education to become social influencers. We must not let fake gurus lead students down a path that causes them to think education taught them nothing.
I am a Visionary and Writer who seeks to enrich society by challenging how we do business today to lead to a world of better leaders and opportunities tomorrow.