Should schools introduce financial literacy to educate children?

Engaging students to differentiate between Needs Vs Greed

As educators, we understand the importance of financial literacy for students. It plays a vital role in shaping their minds. Schools have a responsibility to equip them with life skills. Grooming them to understand the Pi equation in school and calculating grocery bills are essential. Let’s teach our piggy bank savers to become stock exchange analysts. We also must help them to differentiate between Needs Vs. Greed for money.

Financial literacy programs for students in TSUS make them money-savvy

Children, even as young as 7, can grasp basic money concepts using their limited minds. At TSUS, we believe there are benefits of introducing financial literacy in school curriculums. We touch upon this sensitive topic focusing on teaching children the value of money with experiments.

Our teachers go beyond the lesson that piggy banks and pocket money teach children.

Difference between wants and needs

We can help children understand this concept by using relatable examples and asking questions like:

• “Do we need a new car to get to school?” (Need)
• “Do we want a new car that’s a different colour?” (Want)
• “Do we need food to grow and stay healthy?” (Need)
• “Do we want ice cream every day?” (Want)

The first and most important financial lesson is distinguishing between wants and needs before spending money. A want is something a child desires, like a new toy or a video game. A need, on the other hand, is essential for survival, such as food, shelter, and clothing or books for school.

By discussing these examples, children understand that while wants can bring joy, needs are fundamental for their well-being. We introduce financial literacy programs for students to help them learn judicious ways to differentiate need from greed.

Money Management: A Lifelong Skill

Financial literacy encompasses key areas like:

• Saving: Encouraging children to save, even small amounts, teaches them the value of delayed gratification and helps them achieve their goals, whether it’s buying a toy or going on a trip.
• Spending: Understanding the concept of budgeting and making informed spending decisions is crucial. We can help children learn this by giving them a small allowance and guiding them to make choices about how they wish to spend money.
• Giving: Instilling a sense of philanthropy in children is essential. Teaching them about the importance of giving back to their community inculcates compassion.

Importance of financial literacy for students are taught in TSUS, the best CBSE school in Bengaluru

As the best CBSE school in Bengaluru, we have an experienced faculty that creates opportunities for children to learn through:

• Classroom Discussions: Engage students in discussions about money, asking questions and encouraging them to share their thoughts and experiences.
• Real-Life Examples: Use real-life scenarios to illustrate financial concepts, such as visiting a grocery store or setting up a pretend store in the classroom.
• Projects: Assign projects where students create budgets, track their spending, or research different saving options.

By incorporating financial literacy into our curriculum, we empower our students to use money judiciously. With our endeavour, they can build a strong financial foundation and value money.

Learning about money is a journey. By starting early, we can help our students develop the financial skills to assist in adult life. We hope parents agree with our methods of teaching.