Man’s journey on the road to success begins at the age of accountability and continues on a daily basis for the rest of his life. As soon as a child is wise enough to claim any money given to him/her as ‘my money’; that child is ready for Financial Literacy lessons.
Many nations are experiencing economic quagmire now. This could have been greatly minimised if not totally eliminated. How could the present economic predicament have been avoided? Answer: if leaders of today, as school children then, were taught the essential principles of wealth creation and sustenance. It saddens me how nations with large endowment of human and natural resources are doing so poorly.
The same phenomenon applies to children of wealthy parents, at least majority of them. Studies show that a high percentage as high as 90%) of the children of wealthy people don’t end up wealthy in life. At best, they just earn enough to get by in life. This is because they never learnt how to make, to keep and properly use money. They were neither taught nor disciplined on how to operate the essential laws of wealth creation.
Unfortunately, financial literacy is not taught in most schools; it is not part of the school curriculum at all. As parents, whether wealthy or poor, we all fervently wish better standards of life than we ever had for our children. Parents struggle to ensure that their offspring do not live the lives of hardship and poverty which they themselves had to go through.
Yes, it is quite tasking to teach the concept of money management to young children but they need to know the basic skills about money and they need to learn it NOW.
There are people who believe children have no business learning about money; but the truth is that habits are formed from an early age. It is the habits we teach our children that they will grow up with and live by. So many adults find it difficult to save today because they were never taught the habits of saving money and using it wisely.
Let us help our children and our future; let us join hands to eliminate financial illiteracy. Let us cooperate to build nations that will dwell in peace with each other because everyone is comfortable. Starting with one child, your child, we can turn around the economy of our nations for the better. YES, We Can!