Thursday, November 26, 2009

Long Term Financial Literacy for School Children and Teenagers


Would it be great when you teach your children young on investing and saving on a rainy day. I just read a new article on Philippine Star a few weeks ago of the Bangko Sentral ng Pilipinas about their program of including in the school system about basic financial planning.

This would be a great idea for many especially the young ones. It would be better to instill and educate them as early as six or seven year olds about the value of money. This in turn could help them when they grow up to be adults in developing their consciousness on simple money saving habits. I agree with some of the comments of the posters of the news article but found there are some negative feedbacks as well with some posters. If you can remember back in our younger days, we do not have that knowledge. Our parent only thought as to save and save then buy something on what we want. However, we need to educate about developing these young minds on the value of investing not just saving but helping them by a step by step process on letting them know about insurances, stock markets, business and entrepreneurship etc.

Most of those first world countries have teenagers who already engage in stock trading simulation, they are only junior to senior high school student with age of 16 to 18 already learning the ropes of the trade through mentoring of their teachers, the school system and special participation private sectors. An example of this is in the state of Georgia, USA (see link) wherein they participated in mock stock trading games through virtual or online trading simulation competing with other teeners from different schools which is also a good challenge as well.

In the Philippines, the PSE or Philippine Stock Exchange have launched the PSE-Manila Times Equity Challenge (see link) in order to make all people of all walks of life participate and learn on trading on the stock market for FREE. This has become a starting point for everyone and would like to see it widen the horizon of educating the people in investing.


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