Financial Education – A Global Perspective
Continued social, economic and political change in the last five years has meant that the need for financial capability among young people is even more pressing. In many western countries, problems related to rising levels of personal debt, falling markets and their effect on pensions mean that there is a greater need for people to take a more active and informed interest in their own future. financial.
This article looks at various initiatives to teach children about money around the world.
In South Africa, Teach Kids to Save (TCTS) is a one-day initiative designed to highlight the importance of teaching the nation’s youth to save money. Project objectives include:
Raise awareness about the benefits of saving, financial planning and promote the culture of saving. Demonstrate the important role that the financial services industry can play in building a financially literate nation. Initiate a national program that fosters a collaborative industry-wide effort to increase financial education.
Teaching children to save South Africa (TCTS SA) was launched during July Savings Month on July 25, 2008. On this day, volunteer bankers and financial professionals became teachers for a day and gave a one-hour savings lesson to students at grades 4 through 7. This pilot initiative laid the groundwork for an annual event that highlights the important role financial service providers can play in educating the nation’s youth about saving. While inspired by the US program, TCTS SA has been customized to align with South African culture, financial education needs, and school curriculum, especially Economic Management Sciences.
Scotland was the first part of the UK to publish guidance for schools in this area, back in 1999, Learning and Teaching Scotland published Financial Education in Scottish Schools: A Position Statement. This document describes managing money as “one of the most important and challenging features of everyday life,” while also describing a minimal entitlement within the school curriculum. Its goals are for young people to understand key financial and economic ideas; be skillful in managing your financial affairs; recognize the importance of using financial resources responsibly and be able to operate safely and entrepreneurially.
The Scottish program as part of the Curriculum for Excellence 3-18 is based on the expectation that every teacher will be a teacher of Numeracy, Literacy and Health and Wellness. A thematic/thematic framework is suggested that schools can adapt to their particular needs. The four main elements of financial education in Scotland include: Financial Literacy, Financial Literacy, Financial Responsibility and Financial Business.
Year Australian The report, ‘Financial Literacy: Australians Understand Money’, found that young people are particularly interested in learning more about topics such as budgeting, saving, debt management and how to avoid financial scams.
Australian schools have introduced a Nationally Agreed Framework that provides an integrated cross-curriculum approach for all students from Kindergarten to Year 10.
Financial and consumer literacy will be integrated into English, mathematics, science, humanities (business, commerce, economics, technology and enterprise), civics and citizenship and ICT programmes. This will enable all Australian students in their compulsory school years to develop knowledge and understanding, skills and values in consumer and financial education.
An example of a Chinese Focus on Financial Education is a theater program for children between the ages of 8 and 12 in the cities of Beijing, Shanghai, Guangzhou and Shenzhen.
The show is based on a comic, titled “Agent Penny and Will Power in Operation Finance.” The scenes are based on stories from everyday life and introduce students to commonly used financial tools and concepts, including budgeting and compound interest, as well as building healthy financial habits.
According to the schedule of the program, the Cheeky Monkey Theatre, billing itself as the world’s first ‘Chinglish’ Theater Company, will visit 40 to 50 schools in Beijing, Shanghai, Guangzhou and Shenzhen over the next ten months, and this play is expected to to be seen by about 20,000 children.
In short, financial education is seen in many countries as a key life skill. The financial world is characterized by a wide range of choice and often high complexity, and as consumers we all need to take advantage of this dynamic environment. Young people are being selected as consumers at an ever younger age and may face complex financial decisions. At 18 years old, they are likely to have access to credit and loans in a way that would not have been seen 20 years ago. Providing young people with a good financial education helps establish responsible attitudes and good habits from an early age. Helps foster an attitude to managing money that can improve your financial security and lifestyle in the long run.