Our government has been supporting money related concepts to be taught in schools.
Central Provident Fund (CPF) organised a session where students from Guangyang Secondary School attended a game-show assembly and played interactive board games that taught financial literacy concepts.
All Year 1 polytechnic and Institute of Technical Education (ITE) students will be taught financial literacy from year 2020. They include budgeting, goal-setting and financial basics such as the effect of compound interest on debt and saving
But really, is school’s financial literacy programs going to help you teach your child on money?
Schools are responsible for teaching money?
Quick story: I did an elective on “communications” during my BAcc days and my module presentation topic was actually on “Schools should teach on managing money!”.
I was convinced schools FAILED IN TEACHING THE SUBJECT OF MONEY WELL.
It could have been influence from Robert Kiyosaki’s Rich Dad Poor Dad book.
I’m dead serious. And I ended an A+ module grade!
Truth be told, my financial perspective had changed in that period alsobecause I had a family situation that made me work and get an income then.
But today, I’ve a different perspective.
When I see people grudging school systems for not teaching on money (in many ways like I had felt many years back), I kind of disagree. This saying below explains it best.
That is why this post!
Schools (or teachers) in my opinion can do ONLY SO LITTLE.
They can show the mathematics of what is right but they cannot enforce mindset and habits.
Circumstances and family define beliefs
It’s your circumstance and your family beliefs that really taught you about money and mostly everything.
Circumstance such as the RESPONSIBILITY of supporting family financially for a poor kid.
Or circumstance such as WASTEFULNESS due to lack of appreciation for a rich kid.
Negative beliefs such as only “rich people can afford this”
and “it’s the government’s fault that standards of living are so expensive”
are almost always taught by parents. Think about it…
Have you ever shouted “COCKROACH” to your child before?
If you have, you’ve most certainly instilled a fear of cockroaches to your little one.
Your little one now believes cockroaches are threatening to them.
NO amount of text book information on cockroaches will reshape that belief easily.
Financial literacy is MERELY knowing what is right
Knowing the right thing may help BUT NOT BY MUCH.
Smoking is not good. Schools can teach (and have communicated) that before I’m sure.
But many children pick up smoking and think its ok because their parents smoke.
It’s either that or the friends they decided to associate with (circumstance) feels it is ok to smoke.
I am concerned that Financial literacy courses help only to bring awareness.
It is “forced” delivery of information.
To an eager ear, it is of help! But to a deaf ear, nothing goes in.
But if parents are COMMITTED to teaching it already, that information is already freely available.
And the best way is quite simply to teach using stories, create experiences and LEAD BY EXAMPLE!
To read on, visit https://www.theastuteparent.com/2020/01/teach-money-financial-literacy/
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