Money. No matter how much you hate it and don’t want it to take over your life, money is here to stay. It governs our world, and we need it to survive. It’s equally important to know the language of money and how everything works. For some reason, schools don’t teach financial literacy to elementary and high school students. The lack of knowledge hinders people’s money management skills, and they end up using their money irresponsibly.
What can be done?
The good news is some people see this problem and are working hard to try to change it. Financial adviser Michelle Arpin Begina recently helped New Jersey school districts mandate a financial literacy curriculum for elementary and high schools.
What does the curriculum entail?
Arpin Begina explains that we need to teach children more psychological skill-building rather than just practical skills. The curriculum will include the practical – such as budgeting, credit, investing, jobs, interest and student loan debt. But if you don’t know what to do with that knowledge, it’s pointless.
The psychological part is how you are living: what happens at home or with your friends. Everything you do affects your mind and how you view money. The curriculum will make you aware of your financial responsibility.
How to be an example for your children
Financial literacy starts at home. Many parents don’t like talking about finances because it’s an uncomfortable topic. However, there are many ways to teach children about finances. The first way is by being an example. Children mostly learn and imitate what is happening at home. If they see that parents are economically responsible, they will pick up on those habits. Also, parents don’t need to sit down with their children and talk about finances. Instead, they can bring their children to the supermarket, the bank or on any other errand. Children can learn by example.