Starting financial education early

In today's fast-changing world, academic knowledge alone is no longer sufficient for success. Many students graduate without essential skills to manage money, which often leads to poor financial decisions and creates significant problems in their daily lives. That is why financial literacy is a vital part of student life. Early financial education equips students with the confidence and knowledge to handle real-world challenges effectively and prepares them for a more secure adulthood.

One of the most important skills students need to develop is budgeting. Learning how to plan income and expenses helps them think critically about their spending habits and avoid unnecessary purchases. Equally important is cultivating a habit of saving. Even saving small amounts regularly can build financial discipline and create a safety net for unexpected emergencies. Furthermore, students should be taught to distinguish between needs and wants. This simple awareness helps reduce impulsive buying and encourages thoughtful, wise spending decisions.

Both schools and parents have a crucial role in fostering financial literacy. Schools can integrate finance-related topics into their curriculum or provide assignments that encourage practical money management skills. Parents can reinforce this learning at home by involving children in everyday financial decisions, such as budgeting for groceries or saving for family outings, and by maintaining open conversations about money matters.

Financially educated students are far better prepared to face life's challenges, whether it is saving for college tuition, managing personal expenses, or planning to start a business. Early exposure to financial knowledge provides them with the essential tools to make informed and responsible decisions, laying the foundation for greater independence and financial stability in the future.

Farjana Nilufar Mim

Dhaka, farjana.mim@northsouth.edu