To overcome the problem of financial illiteracy, financial education should be given to high school students as it is necessary for them. The cause of many problems like debt, unemployment and poverty is the lack of financial literacy. The main cause of financial literacy is the inability of people to save money. It is considered as an important field to cover in high school curriculum because it improves your ability to plan ahead and also makes you aware of current news and information related to the finance industry. This can be improved through a very different way of getting their attention. This can be done by making the classes enjoyable and interactive to attract the students which is a better approach to teach this lesson.
1. Personal Finance :
People should be made aware that they are spending their money on the right things. To prevent people from spending money irrationally and they should be taught about the importance of good savings habits. The main focus should be how much to save and how to increase their savings plan through financial literacy for kids. One of the ways to teach this subject is to ask the students to take a small piece of paper and write down their savings plan so that they can see their progress and how much they have saved.
2. Managing Money :
Financial management is an essential skill that every person needs in their lifetimes. This will help people to predict the future as well as manage career growth effectively so that they stand a chance in achieving their goals in life successfully. The teaching kids about money is a skill which is needed in every stage of life. This can be done by creating an environment in schools where teachers and students can relate to their own problems and find a solution to them.
3. Taxation and Financing :
The importance of being aware of taxation is that how taxes are assessed and accounted for and what kind of tax schemes are there. This can also be improved by making it interesting as well as through different methods in a very interactive way to get their attention. Students should be taught how to get the tax benefits and also how they can save money while filing taxes. Students should be taught to calculate taxable and tax deductible amounts on their own as well as by getting help from their parents.
4. Understanding Financial Markets :
It is important for every person to understand the basic fundamentals of finance. People should be taught about the importance of saving and investing their money. There can be many different methods through which financial markets can be made more interesting and interactive. Students can be taken to a market where they can see how money is invested and make them understand how their decisions can affect the economy of their country.
Upsurge is a company which has been working on different aspects of financial education like financial modelling, financial planning, and investing. The company has made a great impact through its innovative approach and has proved itself as the most important place where the students can get the best education about financial literacy.