Well, we know many of you aren’t really aware of this term. However, as the world advances, it puts us with a whole lot of different things we need to learn about, and, if need be, adopt in our lives. As far as education is concerned, there have actually been many, many changes over the past few years, especially after technology deciding to change the faith of the education industry. However, there’s still considered to be a bit of room for improvement the way students are taught about life, as even some popular Indian entrepreneurs like Kartikeya Sharma Founder iTV Network believe. One of the major things that are being suggested by many experts is the inclusion of financial education in the formal education of students. This is being a popular topic of debate especially in the western countries, as students are known to fall for poor money management strategies that lead to putting them under the debt burden for their whole lives. Understanding financial education So, what does the suggestion of including “financial education” in the formal education system mean? Well, financial education, in its simplest sense, means education students about how to manage money and their financial problems. Nowadays, in the western countries, there’s a rather surprisingly common problem of students ending up with huge debts even before they complete their education. This is due to the fact that they hardly know anything about money management, and hence aren’t aware of how terrible the outcome may turn out to be of such a huge amount of debt at such an early stage of their lives. What will it include? On the school education level, it may not include much but rather connecting some financial information to basic math stuff, so that the students can understand the relationship between them and take well-calculated decisions at the later part of their lives. On a more higher level, though, financial information may mean including things like cashflow, its importance, financial assets and liabilities, the disadvantages of taking loan, avoiding credit card debt, and much more. This is especially what some experts would like to aim for at the university-level. Has it been implemented? As far as education is concerned, everything but technology seems to take a lot of time to get implemented in the system. Now although this seems to be true even with financial education, some countries have been pretty quick at implementing it. England, for one, has apparently made compulsory for all its mainland schools to include basic financial education that can be linked to math.
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