by Zainab Gul
Our School’s Lack Financial Literacy
We have seen a plethora of school’s, probably in each corner. In school, we are taught– Maths, Physics, Biology, Chemistry etc. What our education system lacks is a pragmatic approach. Have you ever witnessed a school teaching students about money? Rarely? Right? That is where our education system lacks. It does not teach students the psychology of money. Since, children are not taught about Financial Literacy, they eventually fail to live a financially stable life. Many schools have this preconceived notion that money is greed, so they then train students for a job and tell them to ‘work for money.’ Unaware, that money could work for them.
The Issues with Financial Illiteracy
When students know barely anything about how to use money, they then get tangled into a rabbit hole. Rabbit holes which cause financial instability. When students are not taught how to use money, then they eventually fall into debts, and they fail to pay these debts on time. It is a constant loop, which is vicious. The primary problem financial illiteracy causes is: problems in the students’ lives be it real estate or anything else. If financial illiteracy is prevalent, then the school dropout could increase rapidly, people may develop health issues like stress, depression.
School is Proportional to Money
If we scrutinize this, then we get to know that the basis of school is to earn money. Parents send their children to school because they want their education, education leads to a job, job leads to money. Then why is there a heap of hesitation in teaching about money? We should make children understand that money is the basis and that is not greed. It is the basis of living, unless and until it transgresses into something vicious.
What Could Be and How to Stop it
If this tradition of not teaching students about financial literacy continues, then it does accumulate to broader issues. This will affect them personally, when this one phrase ‘play it safe’ reverberates around their head, then yes there is going to be a problem. Schools need to eradicate that ideology which thinks that getting knowledge about money is greedy. Moreover, schools are encouraged to teach students to take risks when required. Furthermore, financial literacy should be taken as a subject.