In the past, a teacher telling students how to spend their money might
be a bit hash… isn’t it?
Money matters were personal, and kept within the family. Not knowing
our parents are even facing the problem of financial illiteracy.
With the increasingly difficult financial conditions and poor money
management, hence low rate of wealth accumulation, it would be a
great time for schools and educators to help give our students a
The reasons why we are pushing for the introduction of financial
literacy into the school curriculum and the need to educate our
students about money is greater than ever.
Here are 7 reasons to consider;
1. Students lack money wisdom
Upon experience and research shows that young people have little
understanding of the language of finances and economics. They are
spending and borrowing without knowing that interest builds up. They
would developed into adults who are not conscious about their
finances. They should know that credit cards aren’t free money.
2. They are starting younger
Some parents drain their kids financial emotions by giving them huge
amount of money with no supervision on how to manage the money. These
children end up wasting thousands of cedis in just some few days
without even saving a one-tenth of it. Few cedis for the Mall may not
seem so bad, but teenagers and high school students stretching
100-1000ghc over one week will need a bit more guidance.
3. There are greater temptations
Spend a few minutes on the internet and students find more than a few
Jordan footwear, latest smartphones, new trend of clothes to ask for.
When they are old enough to buy, online shopping makes it a little too
easy. It’s more important than ever to tell them the value of saving
and delayed gratification early on.
4. People are going bankrupt younger
Bankruptcy doesn’t discriminate. Now young people rely on students
loans, borrow airtime continuously, buy liabilities instead of
assets. Most bankruptcies are the result of accumulated debts, so
people as young as 15, may already be on the road to bankruptcy.
5. They start saving later
Most young people are taking their time in school and starting their
careers, and retirement plans- later than their parents. It’s uncommon
for a student to start a stable career only in his 30’s. If they learn
the importance of saving and investing in high school, it will
encourage them to get started earlier, and to work harder to avoid
“taking thier time” in college. This is more important than ever….
6. They government won’t always be there for them
With retirement boom looming, it’s a highly likely the next
generation of retirees won’t enjoy the same benefits as their parents
did from the government. More than ever, young people today are going
to have to save more and invest wisely if they want a comfortable
retirement someday. ..
7. Not everyone is going to get the same chance
I read a survey “JumpStart Coalition Survey”, which showed that the
most financial literacy youngsters are mostly white, male and come
from well educated and or entrepreneurial homes and families. The data
suggests that financial literacy is concentrated in the middle and
upper classes, but everyone is faced with the same financial
decisions. Here, in Ghana we don’t even have a financial literacy
program in our colleges. Teaching all kids financial literacy in
schools helps to ensure that all kids are on the same fighting spot,
when it comes to handling their own money.
This made us roll out a financial literacy program for various youth in
our communities dubbed ‘Financial Education and Investment Summit’,
a financial foundation building workshop that seeks to imbibe the spirit of savings and financial discipline in participants.
I therefore urge corporate bodies to help educate our students on the
need for financial intelligence before they enter the corporate world,
as the development of a country depends solely on the financial
intelligence and decisions of its citizens.
~Peter Kwadwo Asare Nyarko (vIm Ambassador)