Kids should get finance lessons
Education will help budget money while growing up
I’M a strong advocate for financial education with the goal of improving financial capability, which is the ability to manage, save, discuss and become more resilient with money.
It is a huge missed opportunity in this country that there is not a standard module in secondary school or indeed at third level, to educate younger people on how to manage money, tax, insurance, savings, pensions and investments. Some of us manage it badly when we are finally left to our own devices, but we would be forgiven for this, as we never learned about it growing up.
So, I was glad to read of two financial education and awareness initiatives that are currently ongoing in Ireland.
Some of us manage money badly when we are left to our own devices
MONEY QUIZ
There is a Europeanwide money quiz, going since 2018, which is giving financial education for young people a more prominent platform. This quiz is done online and it pits 13–15-year-old students in Ireland’s schools against each other and ultimately against those from 28 other countries. The winners are brought to Brussels in May to take on the rest and be in with a chance to win €5,000 for their school.
If you fancy your chances, you can even take a quiz yourself on the site www.ebf.eu.
This initiative of the Banking and Payments Federation and the Business Studies Teachers Association of Ireland is now encouraging schools to enter the competition. Good luck to all students.
GLOBAL MONEY WEEK (GMW)
This is a more extensive annual global campaign which looks to build awareness, knowledge, skills and resilience around money management and decision making for young people.
During this week activities are planned by public, private and not-forprofit organisations to encourage young people to learn and interact with money more effectively. It was headed up by MABS last year in conjunction with schools to give workshops and deliver awareness programmes. Following a survey of 1,400 teenagers during last year’s GMW MABS found: 40% of young people in Ireland use social media to learn about money 61% are using a mobile phone/ app to keep track of their money and this trend is set to continue More than 80% of young people are shopping online The vast majority (96%) of young people who took part in the survey report that they feel it is important to talk about money. Getting educated earlier about money is vital for ensuring the population in general becomes more financially capable and makes better money decisions.