MemberJanuary 27, 2022 at 4:36 PM
Money handling is one of the most important skills that one needs to be familiar with from a very young age to survive in this highly competitive world. I completely agree with the statement as effective money managing strategies take anyone very far in life.
To begin with, children can be taught the basics of finances and investment as part of their curriculum. Students who take up science or engineering are mostly unaware of topics like budgeting, saving, the tax system of the country, etc. For instance, if we ask a finance student about the various ways of investment, they will be able to give a detailed explanation about the do’s and don’ts of investment but on the other hand, a science student may not be able to do so. Another benefit is that they will automatically acquire a healthy relationship with money and won’t be tempted to splurge on unnecessary things rather be mindful about it.
Moreover, if young people lack the ability to save their money they might in fact end up spending it all which can, in turn, lead to financial consequences in the future. For example, a study conducted by the University of Cambridge proved that a student who was able to pay their tuition fee without any aid was well-versed in how to manage their money at a young age.
To conclude, all teenagers should be taught to manage their finances well so that they will be able to handle income very efficiently throughout their lifetime.