[WorkAtHomeGal]

How a person manages their money is a life lesson that they should learn as soon as they understand what money is and what it means. Easily one could say this is the parent or guardians job, but what happens when the parent or guardian of a child doesn’t know a thing about money management? Let alone how to budget. Since school is something many children face from the ages of 5 until 18 (varies on country and conditions) one would question why so many schools don’t teach this skill. In some cases some students may learn more about money in college but this is not always the case.

A study done by Equifax has discovered Canadians owe $1,568 trillion and this includes mortgages, in simple terms this works out to $21,000 per person! That is quite scary to think about. Myself personally I have only ever encountered debt once in my life and due to not being able to control it I got help. Not a preferred method of help but I went ahead with declaring bankruptcy and because I was not making any money at the time my payment worked out to $50.00 a month and I owned nothing of value so, I didn’t lose anything but my credit score which now is very bad. It is going to take me a long time to rebuild my credit score but it is not a priority for me because I have bigger things to think about right now.

I shared my experience above to point out that even people who are taught at home about money still make mistakes. Mistakes and regrets can happen either way but being prepared better can surely help. For years after being done with school I wondered then and wonder now why these skills are not taught. Maybe in another country they are taught to children and high school students but I don’t know that. I am just speaking about my schooling days here in Nova Scotia, Canada. I did take High School accounting but even that did not prepare me for hardships of not managing money correctly can bring. The accounting class I took more prepared me for business money management which has nothing to do with personal money management.

A teacher in Manitoba, Canada named Kyle Prevost was able to get the Manitoba ministry of education to approve his personal finance course. So luckily one person was able to make a change for one area but what about the rest of Canada and the world?

Since things don’t appear to be changing anytime soon I think as people we need to take matters into our own hands. And by that I mean self teaching... Yes, it can be done. It may take a lot of hours of research or visiting the library but it can be done. I don’t spend as much time as I probably should on researching money matters because I go with what I already know but that doesn’t mean there isn’t more to learn.

[peachpurple]

Nowadays, teacher do not teach students about money management, only when primary education, children were taught about saving money during moral lessons

[cmoneyspinner]

* * Money management and Time management should both be taught in schools. My husband took a course in college called "Student Success" to learn how to manage his time better and it made all the difference to his academic success. When it came to money management we both learned the hard way.

[nela13]

I totally agree, children need high-quality financial education in school so that they can make informed choices and take responsibility for their future financial decisions.

[WorkAtHomeGal]

I did take a class in High School called "Career Life Management" it was a half credit. There was a small section on budgeting but it more prepped us for college and making resumes and cover letters it did not get us ready for the harsh reality for people that learn the hard way like I did.

[haripriyavkl]

I have to agree with you. Money management has to be taught in school in order to help them have a better insight about this in the young age itself. Having taught in school days itself will help them to have a better knowledge on this in the future where they will have to manage a lot of money. I am not taught in school but they can teach it to the present generation.

[Happyland]

When citizens spend they stimulate the economy. When they overspend it helps even more. When they save it still stimulates the economy because the banks will have more to lend out. Depending on what you are spending on, spending beyond your means without a plan hurts you. To get ahead financially you have to have a plan. Generally school does not teach you how to get ahead but rather it teaches you how to fit in. Some people say the cost of an education itself is too high.

[nela13]

There was a small section on budgeting but it more prepped us for college and making resumes and cover letters it did not get us ready for the harsh reality for people that learn the hard way like I did.

The truth is that financial choices faced by young people are likely to be more challenging than for the past generations. Today it seems the whole world is into a financial crisis, so it is fundamental have basic financial knowledge to know how o invest, save and earn our money.

[WorkAtHomeGal]

I have to agree with you. Money management has to be taught in school in order to help them have a better insight about this in the young age itself. Having taught in school days itself will help them to have a better knowledge on this in the future where they will have to manage a lot of money. I am not taught in school but they can teach it to the present generation.

To be honest I am unsure how the school system runs these days but going by certain things I have read it sounds like they still need to add this as a course. Either that or parents will have to teach it at home. And I am sure lots of parents do of course but not all kids learn this, some learn the hard way.

When citizens spend they stimulate the economy. When they overspend it helps even more. When they save it still stimulates the economy because the banks will have more to lend out. Depending on what you are spending on, spending beyond your means without a plan hurts you. To get ahead financially you have to have a plan. Generally school does not teach you how to get ahead but rather it teaches you how to fit in. Some people say the cost of an education itself is too high.

Reading this reminded me of a film I watched long ago and how the men were learning lots of good things but the woman were learning how to run a house, be a good wife. A film set way back in the day of course. Even though at the end of my school days my experience was good I did feel like some teachers did not teach you to dream big and some say not a thing about finance, perhaps for some teachers it is to hard to discuss if they are struggling money wise. I do think education cost is way to high. I hear of places with free tuition these days it would be nice if they offered that in my province.

There was a small section on budgeting but it more prepped us for college and making resumes and cover letters it did not get us ready for the harsh reality for people that learn the hard way like I did.

The truth is that financial choices faced by young people are likely to be more challenging than for the past generations. Today it seems the whole world is into a financial crisis, so it is fundamental have basic financial knowledge to know how o invest, save and earn our money.

Good point for sure. I am noticing more and more people going into debt for lavish spending because they don't seem to know how to budget or how to save or in most cases don't make enough so these cards help them stay on top with a previous lifestyle. It really does feel like the world is facing a financial crisis. More and more people in my town are saying "Please buy local" and I do try too but it is hard, if I don't have the money to buy the local product because it cost more what is one to do? It is like a never ending struggle loop.