Financial education is no longer viewed as a unique pleasure. More and more people are becoming aware of how crucial it is to plan one’s monetary well-being ever since the pandemic and lockdown in 2020. I also think there must be more factors to take into account in order to achieve this storm of financial literacy.
Financial education should be taught in schools from a youthful age. My dad and I talked about things like investments, insurance, and taxes, and how he’s been planning everything for my brother and me for the foreseeable future, but I couldn’t understand a word he said.
He consistently said, “You’re still in school, don’t worry about it.” It wasn’t until after I finished my CA exams that I understood what he meant.
If I had studied the fundamentals of economic planning in college, I had had begun to plan my income much earlier and with my father, too.
And that’s just me. This may be true for many others, including me, who didn’t study taxes, insurance, and investments while in school.
What if the fundamentals of taxation and economic planning are required courses in the classroom?
For instance, GoHenry, a financial service provider, offers kids and teenagers financial learning resources like prepaid debit cards. To tell younger consumers about money management, their app includes functions like parental controls, savings goals, and engaging financial knowledge modules.
On a different word, I’ve gained a following on social media by spreading the word about different federal initiatives. Some content creators, including myself, have also been able to promote and expand their systems through related information. Sharing knowledge about these techniques is made simple via social media. People even care about these advantages for themselves and their loved ones, but they spread the word about this information. If the government worked with content developers with professional training to encourage these schemes, it would be beneficial. This would assure that more people would gain from these plans, makers would receive compensation for their work, and the right people would get the information.
Additionally, organizations could mandate ordinary financial literacy training in the same way they do town hall meetings or normal health checks. For instance, they might only do it once a month. The government might provide rewards or benefits to businesses if they give their employees this training in order to ensure that they take it seriously. This might include things like financial aid or tax cuts. More employees can learn how to handle their wealth much if more businesses offer this training. That results in fewer money-related problems and a better working environment for the group. Therefore, it’s a means for the government to encourage firms to provide training for their employees in learning about money.
Maybe incorporating financial literacy education into staff onboarding itself will help ensure that new recruits have a better understanding of financial concepts. During our recruitment process, a company where I used to operate held a treatment to explain to new hires how to prepare their taxes effectively.