The Debate (no.43); The Needs For Financial Literacy
Should schools should teach financial literacy as a mandatory subject?
Yes, schools should teach financial literacy as a mandatory subject so people can learn how to manage their finances and aim at becoming products in life rather than just spending and depending on the government to create jobs. Had it been I learned about financial literacy while in school I would have known the best way to manage my first ₦5,000,000, but beI lacked such knowledge about financial literacy I spent the money riskily and regret how it was spent.
If financial literacy should become a mandatory subject many people would learn how to manage and grow their resources than just spending without investing. Financial literacy is crucial in school to help people overcome poverty in the future. It is all about the management and proper use of funds for the development of oneself which should be a mandatory subject.
Financial literacy encompasses knowledge concepts like saving, debt, credit, interest rates, inflation, financial risks, and other ways of managing finances. The key aspects of financial literacy that need to be a mandatory subject in school are:
Budget: This knowledge will help students with planning that has to do with their expenses and help students avoid debt and build savings.
Saving and investing l: The knowledge of savings for short-term needs and investing for long-term growth like retirement has to do with the knowledge of financial literacy which needs to be taught in school for people to learn.
Financial literacy will empower students to make informed financial decisions, which can help students avoid pitfalls like excessive debt, and work towards achieving long-term financial stability and independence.
I am inviting: @kuzyboy, @entity01, and @simonnwigwe
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@sahmie