Education

How to inculcate financial literacy in students

We live in a period of rapid globalization where the economic activities have increased in complexity over time. With more and more open markets and free trade agreements being signed between nations to liberalize and encourage trade, every nation has the opportunity to leave an impact on the world economy. Incorporating financial literacy in our kids from a young age is the first and foremost step towards our economic and social progress. Students should be taught the concepts of personal finance before moving on to other complex financial concepts. Schools should focus on providing adequate training to the educators to make them capable of teaching the concepts of personal finance to students, organize workshops and seminars to enhance the financial literacy of the students.

The field of education has evolved rapidly over the years. Schools today have streamlined their teaching and management functions with the help of Learning management system, smart classes, e-learning portals and likewise. Especially since the coronavirus pandemic, when schools and college campuses were shut down, locking millions of students and teachers across the entire nation out of the classroom, there has been a complete tectonic shift in our ways of teaching and learning. Proper development and education of our kids is critical for helping them stand up on their feet. Financial literacy plays a big part in not just making the kids realize the value of money, but also in helping them understand the ways in which the world works. Here are a few strategies you can use to teach financial skills to your students….

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Break down the concepts-

It is always advisable to teach financial literacy to your students in several stages based upon their age, prior knowledge and experience, and their learning potential. You don’t just go about explaining the stock market, or securities exchange to the students if they aren’t yet well versed with the concept of barter system, money, needs and wants or demand and supply.
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To the students of elementary classes, even explaining the concept of barter system, its advantages and limitations, the origin of currency and other rudimentary concepts might be more than sufficient.

Practice Practice Practice-

Educators must ensure that the students get enough time and support to practice the financial concepts that they are taught. This can be easily accomplished by incorporating such concepts into your course curriculum and teaching strategy. For instance, you could organize a class activity or give a project to the students to raise funds for a local charitable organization or for any school event. Thus, students are tasked with drafting a budget, calculating total expenses, tracking progress and profits, and likewise. This helps the students in getting a good grasp on financial literacy by applying the concepts taught in the class.

Work closely with the parents-

Children begin their journey towards financial literacy, almost invariably at home. Therefore, it is integral for educators to work closely with parents, especially for students in the elementary classes. Children often get paid money from their parents in the form of allowance for running errands around the house or pocket money for miscellaneous expenses. Educators can communicate with the guardians about the financial concepts they are going to be teaching the students this week and suggest some ideas to help the parents in reinforcing the same concepts at home. Alternatively, schools can also organize family workshops and seminars for educating the students and their parents about financial literacy. This is yet another way of ensuring that whatever financial concepts the kids learn at school are going to be reinforced by their parents at home.

Focus of developing math skills-

Mathematics is a big part of the financial world. Educators must teach the students to be good with numbers. They could give the students some math puzzles with answers as part of a home assignment. Students who are good with numbers generally are better able to grasp the concepts of financial literacy which makes focusing on developing their math skills a viable option for improving their financial literacy.

Financial literacy is very important in this day and age. It is surprising that even adults can sometimes lack financial knowledge which leads them towards all sorts of financial woes. With the tips mentioned in this article, educators can help their students become financially literate since a young age.
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