How international schools are preparing students to make the right financial decisions
Parents discussing their own moneymaking decisions can inspire children to make fiscally sound choices – and giving them pocket money can help
A study conducted by the University of Cambridge in 2013 concluded that financial habits are established in children by the age of seven. Over time, these habits can become ingrained and carry into our adult lives. The researchers argued for making financial education an essential component of the British national curriculum.
While the Cambridge research is firmly rooted in British contexts, there are lessons for children across the world.
Murray Forest, Western co-principal of primary at Yew Chung International School of Hong Kong (YCIS), explains financial literacy as “children having the language to be able to understand how money is used, and how it can apply to themselves”.
Jeremy Power, head of Grade 11 and teacher of humanities, theory of knowledge and career studies at Canadian International School of Hong Kong (CDNIS), echoes this definition, explaining that he sees adequate financial literacy as “preparing individuals to make informed decisions around their finances and plan for their future in order to make sound financial decisions”.
At YCIS, students are introduced to the concept of money in early childhood education. “Once in primary school, students begin to explore global currencies, earning and spending of money, balancing budgets, and forward-thinking financial planning,” explains Forest.