Skills of Financial Planning Is Best Taught At Home and Not Schools

Many financial planners find it difficult to advocate the view of parents and some educators to include the personal financial management subject in schools. They believe that children should learn learn about personal finance at schools. This will help them as adults. But this way might not be fruitful for our future generation. Life skills should lie in the domain of the household and school's domain should include but not restricted to language, maths, arts, science, sports and social behavior skills. The former is better learnt by parents who can transfer it through family environment, activities and most importantly, family decisions in monetary terms. Other skills that are better learnt at home are having good meals, learning about one's body, growing a garden etc.

The Money Advice Service, UK along with Cambridge University has taken out three enablers and inhibitors of financial capability - ability, connection and mindset - by conducting several research works. Ability is the knowledge of financial products and understanding financial numeracy. Connection is engagement in monetary transaction. And mindset is value and attitudes towards the money. These key behaviors can be best nurtured in the comfort and warmth of home and primarily by parents and not schools.

By: Neha Maheshwari

Content: https://economictimes.indiatimes.com/wealth/plan/financial-planning-skills-are-best-learnt-from-parents-not-at-school/articleshow/65174940.cms