Man’s journey on the road to success begins in the age of responsibility and continues daily for the rest of his life. As soon as a child is wise enough to claim any money given to him as “my money”; That kid is ready for financial literacy lessons.
Many nations are experiencing an economic quagmire now. This could have been greatly minimized if not completely removed. How could the current economic situation have been avoided? Answer: if the leaders of today, like the schoolchildren of then, were taught the essential principles of creating and sustaining wealth. It saddens me how nations with a large endowment of human and natural resources are doing so poorly.
The same phenomenon applies to the children of wealthy parents, at least most of them. Studies show that a high percentage (up to 90%) of the children of rich people do not end up rich in life. At best, they only earn enough to live. This is because they never learn how to make, conserve, and use money properly. They were not taught or disciplined on how to operate the essential laws of wealth creation.
Unfortunately, financial education is not taught in most schools; it is not part of the school’s curriculum at all. As parents, rich or poor, we all fervently desire better standards of living than we have had for our children. Parents struggle to ensure that their children do not live the life of hardship and poverty that they themselves had to go through.
Yes, it is a big task to teach the concept of money management to young children, but they need to know the basic skills about money and they must learn it NOW.
There are people who believe that children do not have to learn about money; but the truth is that habits are formed from an early age. It is the habits that we teach our children that they will grow up and live with. Many adults find it difficult to save today because they were never taught the habit of saving money and using it wisely.
Let’s help our children and our future; Let’s join hands to eliminate financial illiteracy. Let’s cooperate to build nations that live in peace with each other because everyone feels comfortable. Starting with a child, your child, we can improve the economy of our nations. If we can!