We studied many subjects in school life. Some of the subjects and/or topics still hold a lot of relevance in our lives. And some served no purpose as they were not applicable in our daily lives.
While growing up, we learned about money management in one way or the other. Whether it was at home, in stores, while hosting parties, or going for vacations, we saw transactions happening everywhere. Our elders taught us about the importance of saving money or spending money wisely.
I always feel that if the advice our elders gave to us about money was also taught in the school as a subject, it would help inculcate good habits in handling the money wisely and also develop a better understanding of the subject. I believe, formal education about money matters would make us informed and decisive individuals in our lives later. The small tips taught at home can be carved out permanently in our brains if they can be incorporated into our school books thereby starting early in childhood days. And it will stay with us forever as money is a day-to-day affair.
I believe, the introduction to money management or finance can be started as early as in primary school. The topics can be designed as age-appropriate and can be made interesting and fun with a lot of examples. With senior classes, the topics can subsequently advance to a more complex level.
With the introduction of computer science subject in school around two decades back, then IT, AI, Machine learning, Robotics, Automation, and many more making their way into the school curriculum, it is always a positive sign of progress in terms of technological advancements that are happening and schools are trying to keep abreast with the same. Similarly, money management or finance should also make a way in the school curriculum as early as possible.
My heart aches when I see rich people spending huge money on material things they may even not use once or twice while a big population struggles to get both ends meet. Only if the rich were taught the value of money! Probably, I may be wrong to blame the education system for not teaching the fair division of money but one thing I know for sure, that if we were taught good principles in school like the value of money, saving, sharing money with the needy, the difference between wants and needs, goals, liabilities, assets, charity at a young age, various money saving instruments, we would have had a much better understanding of handling money-related matters.
I know that there are a few chapters here and there that taught about money, economics, demand-supply chain, profit & loss, simple & compound interest, etc but there are many more relevant and practical topics that are missing. Those who decide to graduate in finance, of course, learn about the field in-depth and are adept in money matters. But not everyone graduates in finance and would still have to deal with money matters all their lives. The sad part is an individual who’s keen to learn about money has to take the lead and learn about it on his own. Otherwise, life is spent struggling with finances or is learned the hard way as there is no prior education on this topic.
I wish and hope this can be incorporated into schools’ curriculum someday!