Financial Education in the School System
February 25, 2009
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There was a great article in the newspaper discussing how the Canadian education system has failed to teach people about the basics of financial management. The article goes on to identify five main areas that we need to focus on:
- The relationship between risk and return
- Know how compound interest works
- Learn the basics of debt and credit
- Teach financial responsibilities in the context of an entire lifetime
- Financial literacy needs to be ingrained throughout the school system
It’s unfortunate that basic financial management is not a required course in school, as many would argue that this is a fundamental skill that is used throughout one’s life. If I had learned the basics of financial management when I was younger, I probably wouldn’t have ended up 28 Years Old and Broke.
When did you learn how to create a budget, and more importantly, when did you learn why you need to create a budget? Knowing how to use a tool is only useful if you know why you need to use it.
Have you bought your copy of Following The Goods? Buy it today!
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Adam Goodman is the author of Following The Goods Financial Management for the Young and Ambitious. Throughout his life, Adam never took ownership of his financial knowledge and no one ever sat down with him to explain what it meant to plan for his financial future. Luckily, while at business school, Adam finally learned how to be smart about financial management and he is here to share what he has learned along his journey with you.
Adam's past experience includes owning and operating his own consulting firm, as well as working as a Consultant with Deloitte & Touche. Adam is currently in a sales and marketing role in the telecom industry.
Excellent post, Mr Goodman!
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