Youth Focus with Dr Manners Msongelwa
THE term “financial literacy” refers to understanding a variety of important financial skills and concepts. When a student is financially literate that student will have the essential foundation for a smart relationship with money. This can help start a lifelong journey of learning about financial aspects. This is because education is the key to a successful financial future.
Why financial literacy
It enables the student to plan how to use the money. The student will know that planning is the first step before spending.
Money management education helps students understand the value of money. Students will learn about budgeting, saving and investing, at a young age. This knowledge can help students make sound financial decisions in the future and avoid falling into the trap of debt or overspending.
Another benefit is that students develop critical thinking skills. Money management requires careful planning and decision making and students will develop these skills over time. This will make them become more responsible people in the future.
It also helps students increase financial confidence. Students will increase confidence in their financial decision-making abilities.
It also helps students prepare for real-world situations. Students will be prepared for real-world financial situations such as paying bills or investing.
It also helps students have responsible spending habits. By teaching students about budgeting and saving, schools can help promote responsible spending habits and prevent overspending.
Money management education therefore is important as it helps students achieve financial stability and independence in the future.
If you are at a boarding school, budget your pocket money correctly. Those at a day school, use wisely the money that you are given by your parents or guardians. Dr Manners Msongelwa is an author/teacher/youth coach. He can be contacted on +263 771 019 392