Teach financial literacy in schools

by | Oct 5, 2023 | EDUCATION, NATIONAL, NEWS | 0 comments

Owing to the rising number of bankruptcy cases among youth and young adults, the Parent Action Group for Education Malaysia (PAGE) has mooted the idea of teaching financial literacy in schools which has drawn wide support.

PAGE contends that providing financial literacy as a school subject would result in a positive outcome and lead to a considerable decline in the proportion of young people who are likely to file for bankruptcy.

The Malaysian Literacy in Financial Education Association (MyLIFE) believes this is a very good idea as it is considered a proactive action to elevate the financial literacy of Malaysians through education.

MyLIFE believes that financial literacy is directly applicable to the lives of students as they transition into adulthood and teaches them to manage savings, budget, pay bills, understand debt and make informed investment decisions.

On how financial literacy could benefit students in their careers, MyLIFE stated that it can equip them with knowledge and skills to make informed decisions during salary negotiations, employee benefits, taxes and retirement planning.

MyLIFE envisages that once they start working, financially literate young adults would be less likely to be dependent on government assistance and have higher rates of home ownership and business ventures.