Financial education: the advantages of starting early

The ability to be a good financial manager is important in any profesional area and it is fundamental for entrepreneurs, since it allows to be in charge of the company’s activities and business growth as well as keep a balanced performance.

The early contact with financial education is very beneficial, since it helps to develop manage skills through gains and expenses, incorporate financial healthy habits into the routine and promote conscious consumerism. Both the family and the school can contribute in that mission.

Family support

The parents main collaboration is to help children to distinguish between ‘desire’ and ‘necessity’, explaining that not everything that he wants is actually essential for life. Some activities such as take them to the grocery store, pharmacy, bank and to pay the bills can help in this exercise. Establishing a weekly or monthly allowance is another good way to encourage children and teenagers to deal with money. When receiving a regular amount, they can decide to use it in smaller expenses, self-spending or even plan to save the money during a period to assume a higher value expense.

Simple domestic tasks can also be a way of making money, helping them to relate between work and money. Washing the car on weekends, working on simple repairs inside the house, being in charge of the financial planning for holiday trips and even cooking simple snacks to sell are a few ideas to include financial concepts in routine.

Financial education at school

Understanding financial education as form to perceive reality, and not only the mastery of mathematical concepts is the first step to work financial education in an interdisciplinary approach.

Many schools already ask for students help to raise money for festivals and fairs. The same way, they can also be included in the financial planning of the event, deliberating about products and services prices, deciding the destination of each resource and thinking ideas to optimize expenses. At the end, a paper about the financial activities can help them to consolidate the acquired knowledge and be a source for subsequent classes. In schools that raise funds for donation, the same exercise can be done, proposing that students get involved by finding out about the institutions necessities and planning how to purchase the items according to it. This is important because it brings students to relate with different realities, leading them to consider about the cost of basic needs.

For younger children, planned visits to the supermarket can be fun and convenient, considering the opportunity to teach how to read price tags, compare products and brands, estimate the exchange, final price and propose cost savings.

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