BUSINESS

Managing finances especially as the world has become a global and digital village is an essential tip that can enhance financial dependence and sustainability if our teenagers are groomed and armed with the basic tenets of financial management.

We may want to ask why teens fail at managing money.

Some findings have shown that;

  • Teens often leave high school with no education in personal finance. Thus, young people find it difficult to overcome a steep learning curve when they enter the adult world.
  • High school studentsspend more time studying up to calculus, advanced chemistry and world history. But most are not learning fundamental money lessons that can help them navigate the real financial world.

An interest in personal finance among high school students doesn’t appear to be an issue. A recent poll by Stella Eme found that 84% of high school students desire financial education. A 2011 survey by brokerage firm Charles Schwab showed that 86% of children between 16-18 years old said they would rather learn about money management in the classroom then make financial mistakes in the real world

Parents also have expressed concerns over their children lack of financial knowledge. According to survey by master card, 64% of parents of college- bound children are worried about their children’s ability to manage money.

Although many high schools bring in guest speakers occasionally to make presentations on entrepreneurship, but such efforts aren’t enough. “You can’t learn a language in two hours, so having a two- hour visitor coming in to talk about money really doesn’t provide the students with what they need.According to David Bruzzese who co-authored the book “the teens guide to personal finance”, many are not comfortable with teaching their kids about money management. Joshua Holmberg further chalked it up to parents due to their personal lack of critical financial values so teaching their children may do harm than good as the “parents may be passing along bad financial habits to their kids because that’s all they know”.Morrison of CEE in consonance, agrees that parent’s responsibility seems unfair to both themselves and their children. He stated that “you can’t ask parents to be responsible for teaching something if they haven’t received education themselves”.

Flyingteens will be playing an essential role in this regard by bringing practical financial management and entrepreneurial development skills to this vulnerable group so that they can effectively contribute to social and economic development in later life.

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