Some times ago, I’ve posted news about personal finance being incorporated as a mandatory school subjects. Mostly these programs are backed by financial institution and government. I am among those who think that it is crucial to integrate personal finance topics into school curriculum. It is beneficial to the society as a whole and long term solution. There will be less cases of bankruptcy due to mountain high credit card debts.
On the other side, there are people who think that all these efforts are just crap. Looking at their argument, there are some truth mentioned and worth a thought. All these time, personal finance is taught by parents to their children. Parents have always been the first source of finance to students.
Take a look at this excerpt from Fund Strategy:
Personal finance education initiatives also seem to assume that
individuals cannot perform everyday tasks without the help of
well-meaning professionals. In that sense it is similar to the drive to
teach “parenting”. It leaves you wondering how people managed to bring
up children or manage their finances for thousands of years without
constant professional supervision.
But it is not just that such initiatives are irrelevant. They are
actively harmful. Where children should be learning core skills – such
as English, mathematics, science and foreign languages – they are
taught mundane topics such as managing debt. When they should be
exercising their imaginations they are taught about debit cards. It is
a recipe for a poor education and poetry.
Photo by saddle
How true is the argument? For those living in Malaysia, we have to learn 2-3 languages, plus mathematic, science, history, geography (luckily ours is a small country) and other subjects you name it. There are generations that learn those stuff in Malay language, and later found that we need everything in English to be competent (Now seems that if you know how to speak mathematic in Chinese language is the trend for more opportunity). Can our children cope with all those stuff cramped together?
I think a “Children Money Camp/Workshop” would make more sense, isn’t it?
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Very good post, KC.
I believe that schools and educational institutions should teach a lot more usefull skills than just academic stuff that is of little or no use in everyday life. (Additional Maths comes to mind…hehe)
Personal Financial managment is one skill that will be of immense help in life. The FUND STRATEGY opinion may seem to go against this view. However the educators, will have to spend energy and time to design PFM modules that takes into consideration the age of the child, and make it useful and interesting.The complexity can be increased as the child goes up the education ladder.
I am one of the happy parents who applauded Bank Negara’s Credit Counselling Bureau when they announced that PFM was going to be part of the National Service curriculum.
Certainly money camps will be good alternatives. I am just concerned that a period of intense lessons (like during a camp), may not have the same effect as continuos studies.
Regards