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Our children need lessons in financial literacy

By Vision Reporter

Added 23rd June 2011 03:00 AM

WITH the pervasive media coverage of Uganda’s financial turmoil, our children may have questions about what is going on in our economy.

WITH the pervasive media coverage of Uganda’s financial turmoil, our children may have questions about what is going on in our economy.

WITH the pervasive media coverage of Uganda’s financial turmoil, our children may have questions about what is going on in our economy.

Many adults have a difficult time understanding and explaining to a child what is going on in our Government and financial markets.

We must articulate the value of financial literacy as we put forward concerns for our children’s future.

The ability to make informed judgments and take effective actions regarding the current and future use and management of money, is what our children need to understand.

Financial literacy is an issue that transcends political, geographical and social economic barriers.

Local and global economies are sustained by the combined financial contributions of average people, but these individuals do not exist in a vacuum.

Uganda must do a better job of educating our children about effective money management because our children, some day, will run our businesses, Government and financial institutions.

Financial literacy relating to investments or wealth building and sustainability is vital for young adults.

How can young people get the financial knowledge that they so desperately need?

Parents must start helping the young generation to understand basic finance and also teach them the necessary skills to manage financial resources effectively for a lifetime of financial wellbeing.

In fact, it is long overdue to include it in the school syllabus to enable children appreciate the degree of importance of financial management.

Results will be of interest to policy makers concerned with the financial well-being of all nationals and will create a positive correlation between personal and institutional responsibility.

There is lack of consistency in the education systems in requiring our children to study and practise personal finance management.

Schools have the greatest access to young people. It makes more sense to provide financial education alongside with other core subjects yet few reforms have been made in the curricula nationwide.

Parents too should take off time to equip themselves with financial knowledge so as to discuss financial basics with their children.

Education with a focus on our youth is an important defence to improve the long- term health of our economy and the best offense that can be committed to ensure a higher standard of living, a sense of responsibility and a sustainable quality of life for future generations.

Fortunately, there are organisations that are perfecting new methodologies of introducing and inculcating financial literacy into the next generation of consumers.

They do this by educating them on how to manage resources starting with their pocket money. Such organisations should not be left on their own when answering such a noble call.

Our children need lessons in financial literacy

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