Financial education should be compulsory in schools because every child needs to have the knowledge, the skills, the confidence to manage their money not just as children, but more importantly as they move into adulthood, Shaun Mundy, the British expert who developed Europe’s first financial education strategy, that of the UK, stated in the National Bank of Moldova’s podcast “Give sense to money,” IPN reports.
“If it is optional, some children won’t receive any financial education. Some will receive partial financial education, but it will exclude some elements. So, in countries which I’m familiar with this has worked most effectively where it is compulsory, where it starts at a young age, where financial education is in the curriculum. Do, for example, it is tested as children progress, where there are good resources and attractive resources which children want to make use of where teachers receive training,” stated Shaun Mundy.
Formulating practical advice for young people, the British expert recommended making plans so as to think into the future about what they want to use money for. “Save some of your money. You never know what you are going to be facing in the future. And if you start saving when you are young, this will be a habit which will continue throughout your life. And be careful, think before you spend money. Think before you consider some of the unrealistic offers which are sometimes given to you. If it seems too good to be true, it almost certainly is too good to be true. So, be safe with your momney,” he urged.
According to the expert, as one moves into adulthood, they have to think about different things, maybe mortgages, planning for the retirement and they can never do that too early. “When you are in your 20s, you may think that retirement is so far off that it doesn’t need to be considered. But the sooner you start to plan for that and the sooner you start to make some savings, the better place you will be when you move into retirement. So, the same is for children, but there are some additional things to think about as well,” said the British expert.
