is financial education more important than ever before??

India
January 19, 2010 6:08am CST
we are in one of the most difficult times financially speaking.... do you think our education system needs a change , now that the highly educated professionals could not avoid the turmoil.... do you think finance should be an important subject like languages or arithmetic in our education system??? or are you happy with the education system that you have???
1 person likes this
5 responses
@GoGirl149 (154)
• Canada
19 Jan 10
I think it's up to Parents to teach their children about money. Part of it is by setting a good example, always paying bills on time, not getting into credit card debt, saving to buy a big purchase instead of buying it with a credit card on the spur of the moment and worrying about paying for it later. The other part is by actually talking about money. Money has been a taboo for too long, we need to be open about how to manage our money, and how poor money management can lead to a horrible outcome.
• India
20 Jan 10
yeah... its true... talking about money is considered as a taboo.... even with your family.... and that leads to horrible results... the kids never come to know about the problems and how to solve them... but i think one should not stray clear of all kinds of debt.... there is a good debt and there is a bad debt.... good debt is one that you take up to buy an asset, that gives you a positive cashflow... and bad debt is one which gives you a negative cashflow.... this is where we need to learn to differentiate between the two....
@Raven1 (577)
• Australia
26 Jan 10
I agree that parents should teach their children about money - but what happens if your parents don't have any financial education of their own? My parents are hopeless with their money, but I worked as a banker and learned very different things to them.
• India
26 Jan 10
there are a lot of families still who do not have much knowledge about money.... this is why i think it is time we made some changes in our education system... atleast introduce the kids to the subject of money.... it will be difficult to change the mindset of the old generation but we have a new generation and we should provide them with the knowledge....
@megamatt (14327)
• United States
19 Jan 10
Yes, it is very important to have at least a general understanding of money. Thankfully I have been lucky enough to have that understanding. There are those who do not. However, I think that there are people who are experts in finance who are at a lost to explain these tough times.
• India
20 Jan 10
yeah... we are fortunate to have atleast the basic knowledge about the general understanding of money.... as you said, there are many who do not posess the knowledge , and they seek advice from the so-called-financial-experts, who themselves are at a loss of words to explain what is going around.... and hence end up giving wrong advices and the naive investors/savers end up loosing the money....
@benny128 (3621)
19 Jan 10
I don't think you should be taught finance in school, as that is something that just cannot be taught, I think parents have the responsibility to teach their kids the value of money. I myself have 3 young kids eldest is 6 and I give them all pocket money each week but they have to save a percentage of it into their piggy banks at the end of the month we add it all up and take it to the bank where they have a go at paying the money into an account. There are too many people who have not been educated by their parents with regards to the value of money and they see something they want and just buy it instead of thinking is it justified. So no I don't think we should teach it in school plus if we did we would loose other skills. Though I don't think we should be teaching home economics how to cook in school either that should be taught by the parents aswell.
• India
20 Jan 10
hey benny128, i think what you are teaching your kids is really appreciable .... that is a great way to teach them about the power of saving money over a long period of time.... and being introduced to the banking system at this age would do wonders.. they would learn how their money would grow over time(though at the moment the rates are too low,but still they need to know the importance of the banking system)..... your kids are lucky that you are teaching them.... but i have not met too many people who think the way you do... and what i think should be taught at the schools is just the basics, so that the kids develop an interest in the subject.. but , as you said, not at the cost of other skills...it may be as little as just one class in a week ....
@mistlady (114)
• India
19 Jan 10
I certainly think that financial edcution should be made an important part of the education system. We cannot deny that money is an important part of our life that governs each and every aspect of our life. Our children need to know the value of money and how it can be used and invested in the best possible ways.
• India
20 Jan 10
yeah you are right.... money is important ....and for all those who think that money is root cause of all evil, i beg to differ.... i think it is the lack of money that is the root cause of evil...
@surekharathi (14134)
• India
21 Nov 12
Yes I want to change the India's education system because private schools and colleges more than Govt. so they demands the donation and even the students is intelligent but his/her parents has no money and they cant pay the donation then not get the admission in good school. One subject should be necessary that is how to respect the girls. Because now rape cases are increasing.