Educating young children about economics and finance can bring success and happiness to their lives, parents can start practicing at home. Use the available material to ensure your children gain knowledge.
Young people, while in school, make a lot of mistakes. Let’s assume they are at their university level. They end up taking more student loans then misuse it. This behavior translates to paychecks and even to the retirement percentage, a report by CNBC.
The US has been pushing hard to ensure its education system holds economics and finance classes. Every year, the country celebrates Financial Literacy in April. People also demanded economics month. Out of the blue, the government announced October as National Economic Education month for the first time.
The Council for Economic Education president, Nan Morrison, said ‘”People have stopped paying attention.” He insisted that economics deserves good respect from the US. Nan is also a member of CNBC Invest in Your Financial Wellness Council. The economics president had a long interview with CNBC on the importance of economics to young children.
What can an economics class teach a student?
The main aim is to educate a learner on how the world operates. For example, every time, business people get worried about fluctuating stock markets. Such fluctuation affects the investment of many people. Also, government funding gets negative results. Furthermore, economics helps a person to understand the job outlook before choosing the correct career.
What is the level of economics among US students?
According to statistics, 25 states in the US have taken steps to educate students on economics. It’s a humble time to make sure every child gets counted on the deal. Economics will improve decision-making ability. Students have to understand the choices and trade-offs.
Can economics help close the wealth gap?
Nan Morrison said there is no straight line to this matter. Having a broad mind about future informed decisions sounds good. Let’s say you want to choose between a freelancing job and a physical one. Next, you need to make calculations and know the risks of both. Finally, come up with a compiled report and choose one. This is the first step to building your wealth using the available resources. Children should be taught how to deal with money.
What is the requirement of parents towards economics on their children?
Morrison admitted that reading economics articles and books with your children is essential. Let the kids sit next to you while analyzing the stock market. Give them a test. Parents have to foster good economic communication with their young ones. Introduce the vocabulary, terms, and definitions to them.
Many parents are always busy with their work, but please do as recommended if you can find a few minutes. There is no perfect conversation in life. Maybe you know less about the topic, but availing the books will benefit your people.
As kids grow, they will take away the fear. Let them be aware of financial mistakes they can make along the way. No one teaches us about what we should do when we fail. But economics has such topics too. Children should start absorbing such knowledge to impact their lives.