In the UK, leading institutions are urging the government to include financial education in the primary school curriculum after a pilot scheme found that it helped children learn to delay gratification and enjoy the benefits of saving.
KickStary Money is a financial education initiative to test the effectiveness of teaching primary school children about money management. It aims to help children understand the value of money, the difference between “needs” as opposed to “wants”, and the benefits of saving. Three months after taking part in the programme, 70% of pupils were “working towards a saving goal”, while teachers reported that 87% of their pupils understood their financial decisions had consequences.
Organisers of KickStart Money hopes to persuade policymakers that teaching children about money management will lead to a more financially literate generation. Jane Goodland, the co-chair of KickStart, said that “while basic numeracy skills are helpful for budgeting and saving, many of our financial habits are in fact motivated by our attitudes and behaviours learned at a young age, and not by our ability to do complex maths”.
I definitely concur on the importance of teaching our children money management and financial education at a young age. These are important life skills that should be inculcated from young and will hone their decision making skills and cultivate good habits. We should look into proposing and adopting more initiatives like this one.
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