Finance

 The importance of financial literacy and money management for young people



Financial literacy is key to helping young people manage money effectively so that they can become financially stable, build assets and achieve their personal goals. Decisions made in early adulthood can have lasting financial consequences.

Financial education should be a continuous process, right from childhood to adulthood. Unfortunately, not even our learning institutions seem to recognize this fact.


We tend to assume that people will somehow learn about money on their own. There needs to be a paradigm shift when it comes to financial literacy.Well, the importance of financial literacy for our youth cannot be overemphasized. There’s nothing as dangerous as a financially illiterate youth. Someone who doesn’t have an idea on how to manage their finances can easily fall into various financial traps unknowingly.


It is generally difficult to fix bad decisions concerning finances – it can take several years to do so. Teaching young people about money at an early age will impart them with vital knowledge and skills that will assist them to make informed decisions when it comes to financial matters.


You have heard people saying that information is power. The same thing applies to financial matters. The more information you have about finances, the better-equipped you will be. On the other hand, a lack of proper knowledge and information about money is dangerous for any young person.


Why do we go to school to learn about science, math, history and other subjects? The answer is to empower us in those respective areas. Similarly, education about money should be given the same priority as other disciplines. Young people need to be empowered about money and how it works.

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