‘Budgets, everyday life lessons must be part of education’

Financial management can be part of the curriculum or a fun activity that will allow kids to enjoy learning the basics of life.

I feel that schools lack the ability to teach the students how to survive in this world. The focus is always on subjects like social studies, geography, etc — they should also teach the kids how to manage a lot of things that is part of their everyday lives.

Financial literacy should be part of the education system. Majority of a kid’s time is spent in school — having a group session on how to manage money, earning, and saving will lead to a secured and an organised life once they start living on their own. Poor money management skills can trap these kids in debt in the future. They have to be equipped with good financial habits to prevent them from taking out loans, which would become a never-ending cycle of earning and paying off. Managing money is one of the most important skills that can help kids survive and enjoy adulthood.

I guess parents also play a part in guiding them. I used to give my kids pocket money that they can use to buy treats and gifts for their friends and pay for their weekend outings.

I was very happy that I had made them understand the value of money. But when they went abroad to study, they would call me around 15 days later, saying they had already spent all their allowances. It took them some time to learn how to manage a monthly budget. Budgeting should have been part of their studies from the start.

Poor money management skills can trap these kids in debt in the future. They have to be equipped with good financial habits to prevent them from taking out loans.”