Nowadays, many students spend a lot more than they save, and sometimes even exceeding their pocket money. Youths are easily tempted by the latest tech devices or fashion, and would spare none of their money in getting them. They do not care about how much they spend, as long as there is always more pouring into their pockets. Youth nowadays do not appreciate the value of money and do no know how to treasure it. They are extravagant, and spare no thoughts for the hard work of their parents to bring in money for the household. Many do not even know the virtue of saving. After all, they feel like they can spend all they like as long as there is more coming to fill their wallets.
Managing your money is especially critical in society today. There are just so many ways which money is spent today: bills, loans, fees, education, mortgages, insurance are just the many necessities which require the spending of money. Inflation runs at 3% annually and the cost of everything is just rising. However, there is only one main source of income, from salaries. Hence, youth should get to know the importance of saving.
Money management should be a skill cultivated from young. Youth should target to set aside a portion of their pocket money every week and start a savings account. If they start saving from young, they would grow up with this habit. Good management of money would be rewarded with a comfortable and carefree life in future. Extravagance and poor management of money would lead to loans and debts. Sadly, due to a lack of financial knowledge, many youths are starting to have debts after graduation.
With society becoming ever so materialistic, I think that financial education is all the more important. With good management of money, life would be much smoother. Hence, I think that schools should educate their students with financial literacy.
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