"Money has no real value", a young man thought to himself, "just take a look at me, I received 50,000 naira salary just 2 days ago, but now I'm left with nothing, it's as if the money vanished into thin air". Is it really true that his money vanished into thin air? Off course not, it's lack of financial literacy, which leads to reckless spending.
With this week's debate discussion organized by @sahmie, which is centered on the topic "Financial Literacy", I firmly believe that schools should teach financial literacy as a mandatory subject, and i would like to present the following arguments in support of that motion.
Financial literacy is very important, as it could lay a strong foundation for students, for their long-term financial stability. If financial literacy is introduced to the educational system, and treated as mandatory subject, teenagers won't struggle to cement their financial life, because skills and strategies on how to manage money will be revealed.
Saving, budgeting and investing are very crucial for navigating today's world. With financial literacy being taught in schools as a mandatory subject, it will surely help the citizens, and the society as a whole. Like the man I made mentioned earlier, his salary was squandered within few days, because he had no clue on how to save, budget and invest. Had it been he knew all these essential life skills, I don't think he'll go broke and be lamenting that way.
If financial literacy is being taught in schools as a mandatory subject, individuals will be enlightened on numerous investment strategy that can yield high income and returns in no time. With these legitimate investment strategy, individuals will be able to make good and better financial decisions in the future.
Many individuals are always trapped to financial distress or burden, due to the debts they've accumulated. With financial literacy being taught in schools as a mandatory subject, individuals can recognize debts pitfalls and strategies for easy repayments.
Do you know that most people lost their loved ones to the cold hands of death because of "emergency funds"? Let me tell you a true life story. A neighbour of mind was married to a beautiful woman, and blessed with a beautiful daughter. On that faithful day, her wife developed an illness nobody could tell except the doctor.
She was taken to the hospital for medical attention, and the husband had money with him. He was asked to pay some money for admission. While on the long run, looking for sources to get the money, he lost her wife. That was an emergency situation that requires emergency funds, had it been he had such funds saved in his account, he wouldn't have lost his wife. What I'm I bringing in the sad story? If financial literacy is not taught in schools as a mandatory subject, i fear for more citizens and generations to born.
They'll be a great impact in our lives if financial literacy is taught as a mandatory subject in schools, how? Because our confidence in financial decision making will be increased. And with this, we'll be able to budget, save, invest, reduce debts, and setup retirement planning. The impact this would have in our lives won't just be about personal benefits, but also that of the society. The society's economy growth will be stabilised, poverty will be reduced as well as financial crises.
In conclusion, financial literacy is indeed a vital skill that can help individual to make informed decisions about their financial resources. Through this debate, I've established that financial literacy is crucial for saving, budgeting, investment, managing debts, having emergency funds, setting up retirement plans, economy growth and financial crises. I'm sure with the following points of mine, I've been able to convince you that schools should teach financial literacy as a mandatory subject.
I'd like to invite @basil20 @whizzbro4eva and @eveetim to join the debate and share their opinion.
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