Introduction
As Amagir et al. argue, “children and adolescents can only realize their full potential as citizens if they are financially empowered and capable” (56). Teaching children financial literacy is the key to building a society in which citizens know how to properly manage their funds, and now, we will get acquainted with the reasons confirming this. As children, we all had little understanding of the value of money and its power, but in today’s innovative world, the need to understand the basic principles of earning and saving is acute. Each of you has encountered difficulties regarding loan agreements, IOUs, or other forms of financial documentation. If you had been familiarized with some of these terms earlier, it might have been easier for you to make the right decisions. The problem is that there is little commitment on the part of adults to teach financial literacy to children and adolescents, and as a solution, appropriate educational programs should be introduced into the basic educational process. To begin with, the factor of distracting children from adult problems should be considered.
Distracting Children from Adult Problems
Children who are not taught about financial literacy are helpless in the face of problems that they will have to solve sooner or later. According to Tanase and Lucey, at school, students do not learn such simple yet essential topics as wealth accumulation, consumer obsessions, and other vital concepts (2). It is important for any child to understand why loans are needed, what payment delays are fraught with, and why banks function. Distraction from adult problems is a common trend, and in school education, attention is paid to basic knowledge. Children are not ready for future difficulties, which, in turn, creates a financially illiterate society. Students have the right to receive the knowledge that is related not only to science but also to everyday life. In adult life, only a specialized financial education allows for gaining gain experience. Teachers are certainly not the culprits of the problem since they only follow the educational plan approved by the state. However, the causes of the problem exist, and it is crucial to identify them to form an idea of potentially positive shifts in the perception of the issue under consideration.
Obsolete Educational System
An obsolete educational system is the main reason preventing the formation of more flexible teaching programs related to financial literacy. Tsakiridou and Seitanidis emphasize the failure of current student learning strategies largely because these programs do not help in everyday life (236). The state spends multimillion-dollar funds on the purchase of teaching aids that include general educational materials. As a result, after graduation, the child has scientific, humanitarian, and other types of knowledge. However, this knowledge is not enough to navigate the financial environment and make decisions related to monetary transactions. When speaking of responsibility, the Ministry of Education can be seen as a body that does not stimulate progress in education but, conversely, encourages stagnation. In some countries, the practice of teaching financial literacy is more developed, which directly affects the economic well-being of these states (Tsakiridou and Seitanidis 235). Therefore, given the existing stagnation, it is critical to find a solution that would allow for transforming the current curriculum without compromising the basic theoretical education of schoolchildren.
Incorporating Financial Literacy into the Curriculum
A potentially effective solution to the problem is to introduce financial literacy as a compulsory educational discipline in the curriculum of middle and high school students. Compen et al. insist on the need for such a step and urge policymakers to pay attention to the problem, guided by the fact that such a subject can be no less important than mathematics or civic education (17). As an additional step to take, the Ministry of Education’s call to address the issue may be a significant prospect. According to Ariffin et al., it is in the power of this public body to promote an updated curriculum and provide qualified teacher training (2194). Certainly, the presented initiatives require considerable expenditures, including the publication of additional manuals, changes in documentation, and the establishment of training programs for teaching staff. Nevertheless, all these costs are investments in the normal development of the nation and the promotion of future generations. As a result, when speaking of children’s financial literacy, it is in the power of modern adults, including the authorities, to provide help to future taxpayers to manage their finances wisely.
Conclusion
The problem under consideration is the distraction of children from adult problems, which, in turn, affects the unpreparedness of adults to manage their finances. The educational system is obsolete, and the Ministry of Education is responsible for this. Introducing financial literacy as a compulsory school subject for middle and high school students and the qualified training of teachers are effective initiatives. Think back to your first experience of facing financial difficulties and consider whether you were prepared to deal with them competently. We all can influence policymakers and those in power to secure a future for our children and protect them from unforeseen problems. Financial literacy should not have age limits, and helping children and adolescents is an investment in the development of a healthy society.
Works Cited
Amagir, Aisa, et al. “A Review of Financial-Literacy Education Programs for Children and Adolescents.” Citizenship, Social and Economics Education, vol. 17, no. 1, 2018, pp. 56-80.
Ariffin, Mohd Rahim, et al. “Students’ Perception Towards Financial Literacy and Saving Behavior.” World Applied Sciences Journal, vol. 35, no. 10, 2017, pp. 2194-2201.
Compen, Boukje, et al. “The Role of Teacher Professional Development in Financial Literacy Education: A Systematic Literature Review.” Educational Research Review, vol. 26, 2019, pp. 16-31.
Tanase, Madalina F., and Thomas A. Lucey. “Pre-Service Teachers’ Awareness of Interdisciplinary Connections: Mathematics, Financial Literacy, and Social Justice Issues.” Investigations in Mathematics Learning, vol. 9, no. 1, 2017, pp. 2-18.
Tsakiridou, Helen, and Ιlias Seitanidis. “Financial Literacy of Graduate High School Students.” American Journal of Educational Research, vol. 7, no. 3, 2019, pp. 232-236.