Creating a new generation of financially-educated and responsible citizens and ensuring their future prosperity must be a priority of both our education system and personally us.
Children need to gradually understand basic concepts such as needs, desires, money, work, entrepreneurship, lending, budget, charity, savings, etc., since an early age. Saving as a concept has been proven by international studies that can be introduced to a child’s life even from the age of four.
If we want to shape a new society of financially literate citizens, our efforts must start early on.
At this age, children should begin to understand the role of money. It is also important to realize that family income may be limited and come from different sources, and that individuals have to create a budget in order to make good use of their money. Despite their young age, kids should be able to wisely use their possible pocket money, to distinguish their needs from their desires and not to be dragged by certain advertisements and the influence of their social surroundings.
Particularly, children of this age should be able to:
It is also important to:
At this age, in addition to the aforementioned, children should be able to know their rights and responsibilities in their daily transactions. They should understand that money can come not only from personal work, but also through borrowing or through state benefits. Moreover, they should perceive the concept of credit and the various lending methods (eg loans and credit cards) and the cost of using the credit, and in particular, the legal obligation to repay the money borrowed plus the relevant interest. At that age they should start understanding that family income may be limited and therefore household spending is directly dependent on the family’s disposable income. Subsequently, they should proceed with concepts such as quality of life, dignity, morality and charity. Finally, they should realize that the promotion of products and services as well as the peer pressure can affect their choices and consumer patterns, which in turn affect their quality of life.
More specifically, children of this age should be able to:
Also it is important to:
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